Here's a good link to look at, be sure to go to his link about "using pistol powders in rifle cartridges". There is also data on the sidebar of the first page.
http://www.gmdr.com/lever/lowveldata.htm
Using very light bullets and very light loads is an old practice, but seems to have fallen from common use in recent years. Winchester used to load "gallery" and other types of lighter loads in the early 1900's. I have an NRA reloading manual from the very early 60's that has a chapter about ultra light cast or round ball loads, trying for the lightest possible loads that burned cleanly. They were in the 1-3 gr range for most rounds, going down a tenth at a time until poor ignition, then back up a tenth or two until it was consistant again. I've long loaded jacketed loads in centerfire rounds in the 1200-1600 fps range, using the Hornady .338" flat point (33 Win) bullet in the .338 Win Mag for small game and close range varmint loads, using I believe 4756 powder. Groups were about 1/4" for 4 shots @ 30 yards. Same for 30-06, using a light for caliber jacketed bullet in that vel range. I try to use a bullet thats easily identifiable at a glance, so there's no mix up when you need a full power load. Jacketed takes a little higher load level, as the bullets have more resistance in the bore, and can stick if they are too low.
Going to the lowest level thats functional and usable is nice though, you can shoot in places you wouldnt normally be able to, or they make good fun rounds for hunting small game with your big guns. With the increase in the price of .22 ammo, the ultra light centerfire loads aren't bad as far as expense either. If you cast, the main cost is the primer. At 2-4 grs per shot, a pound of pistol powder goes a long long ways.
Mushials info got me started on using Red Dot. Unique has long been the ultra light powder of choice, and it works pretty well in that use, but I've had erratic consistancy unless a small amount (as in about the size of the end of my little finger when loose, I ball it up and poke it in with a pencil) of dacron pillow stuffing is poked in to keep the powder near the primer. This bothers some people, tho I've never had the slightest trouble with it. It does, however, make an extra step in the loading process. Mushial wanted to eliminate that step, and has found several powders that work well without the fluff.
There have been some interesting threads on Shooters Forum on light loads. I'll see if I can find some.