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The physical bioluminescence of light is handled by Electric and Fire. (Chinchou, Ampharos, Volcarona, Sunny Day)
The somewhat infrequent heroic qualities sometimes associated with light are handled by some Fighting types that have a thing for chivalry.
The aspect of innocence and purity that is often tied to light is now handled by Fairy.
We could still have a real Light type, that defines itself by being saintly and pure. I could easily see Absol as Dark/Light and Lumineon Water/Light. But it would overlap with what already exists a lot, especially now with Fairy around. Togekiss and Gardevoir would most definitely be Light if not for Fairy.
I'm not saying I regret Fairy type though. It gives you more to work with in a fictional series that has lots of things based on mythical creatures. Fairy is a bit more unique, and I like that. It adds a "magical" vibe that Light would not, although as Satan above me said, Pokemon are already somewhat magical beings to start with.
