The normal Velez is made from Nikwax Analogy fabric with no hood, the Velez Adventure is the same jacket but with a fixed hood, The Adventure Light has the fixed hood but is made from their Analogy Light fabric, hence the weight saving.
I believe they're all the same cut and fit but I could be wrong.
A lot of folk, myself included, find them too warm for all year round use, my Adventure doesn't really come out until we move into Autumn.