Lytro is a light field camera, I'm pretty sure the Light will NOT work similar to a Lytro.

Light is fusing (at capture time I think) a few normal-sized sensors each using different exposure duration, focal length, etc.

On the other hand Lytro collects a lot of tiny images each at the same exposure duration and focal length, but very close to each other. It's like having very big pixels but for each pixel you retain the color response from a large number of directions, instead of just the average color for that particular pixel, as in a regular camera.

Continuous refocusing can be performed after the fact in a Lytro, not possible (or very limited) with the Light. But the Light should be able to do native HDR in one take (and real time HDR video maybe), not possible with a Lytro.