Considering that Visual Studio LightSwitch (referred to as just LightSwitch) beta1 was released in August last year, I am a bit late to catch on. So, this post is going to be on what LightSwitch is and how to get started with development of LightSwitch apps?
What is LightSwitch?
It is a version of Visual Studio, which allows you to develop LightSwith applications using LightSwitch project templates in VS IDE.

So, with LightSwitch installed you can develop a host of business applications without writing a lot of code.
What does that mean?
In a typical small sized business application, your user will perform CRUD operations. To achieve this you need a UI. On the UI you want to display data, validate user input, allow drill-down of data, facilitate search, sort and filter data, export data to excel and finally save modified data. To allow these operations, you want to connect to a datastore – a database or a service. Now, providing these features requires writing a lot of code over and over again. You need to design screens, write code to validate inputs and write a data access layer. That is a lot of code. With LightSwitch, you just need to write code for your custom business logic and rest of the application development is taken care of by LightSwitch. So, with LightSwitch the only part of application you write is something that is very specific to your business. There are a lot of applications which are candidates for app development using LightSwitch. In a typical small shop instead of using office to maintain your business, you can use LightSwitch apps.
The default UI for LightSwitch apps have a ribbon like interface giving them a look similar to office applications. The default styling of the application can be changed. You can use different screen templates like a search screen, a navigation screen , an editable screen, etc..

LightSwitch apps are by default Silverlight-OOB application. You can also host these in a browser.
Getting Started