Afaik "quicktime alternative" had the official quicktime codec stuff ripped out of the official package - so you would still be using "real quicktime", just without the bollocks player, intrusive auto-updater, etc.
Wouldn't be surprised if it's the same story with QT Lite, so it'll probably be taken down by apple as well. I wonder why they don't just smell the coffee and realize people hate their player, and just offer unobtrusive codecs instead.