Well considering I just reinstalled all of my ports, and then installed it last, and it only needed 2 dependencies after config that werent previously installed, Id consider it fairly light for a video player, and Im not running Gnome or anything real heavy...besides Pidgin and Firefox.
I dunno what you would find much lighter, that actually plays most formats, Totem...no, and if youre running all QT, then maybe VLC might be an option.
If you already know so well, why did you ask? Do you also mean light on resources, or dependencies.