http://en.wikipedia.org/wiki/Light_novel
Since I am not only a SF/F nerd, but also an anime/manga nerd I thought I'd give it a shake. Another question popped up in my mind though...
Are Light Novels viable for self publishing? I could churn them out pretty quickly and I have a friend who happens to be a splendid
illustrator. Self publishing has always been touted as a niche market, and light novels seem to be the niche of niches.
So... Does this sound like a good idea to you? And should I use a pen name in the event that I decide to self-pub Light Novels?
I was intrigued so I did a bit of googling and found this: http://gargarstegosaurus.wordpress.com/2011/01/02/the-failure-of-the-light-novel-in-america/
It appears to be very market specific. If you enjoy writing in this style, definitely go for it. But if your goal is to be published, it appears to be a very limited niche.
I enjoyed learning about light novels -- I had never heard of them.
Also, as far as concerns with pen names because of the niche style -- I think there is no need. The Sandman graphic novels helped form Neil Gaiman's brand identity, even though he writes mostly novels now. I think not using a pen name helped him in this instance. If your writing falls within your brand identity, you should be good to go.