The only one's I've enjoyed that I've tried reading are the Vampire Hunter D light novels. There are a couple others with manga/anime based off of them, but I couldn't get into them (mainly because of translation errors). These ones, though, whoever translated them did a fantastic job and even though their first language was Japanese, they almost feel like they were written in English (the fluidity of the story suffers if it's been translated)
And I think that light novels are just short stories, longer than 100 pages but shorter than 250 or something like that. The mechanics are the same as a regular novel, it's just been condensed. As for reading it: It would depend on the content. I'd give it a shot, but the story telling (and grammar, fluidity, spelling, word choice, etc) all matter as well (to me....I have a hard time reading something that's written poorly ((NOT saying you write poorly, just throwing it out there that I have a hard time reading works by people who don't know the differences between to, too, two and there, their, they're)))