Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It differs from its parent 
Bitcoin in that can be efficiently mined with consumer-grade hardware. Litecoin provides faster confirmations (targeted at every 2.5 minutes on average) and uses memory-hard, scrypt-based mining to target the CPUs and GPUs most people already have. The Litecoin network is scheduled to produce four times as many currency units as Bitcoin.
One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used.
Comments and Reviews
It's faster and cheaper, but arguably less secure than Bitcoin. It's also has a capped supply like Bitcoin. It's more open to innovation too, while Bitcoin is stuck and can't evolve. It's PoW tho, and I believe PoS is superior (when done right), especially in the long run.