I go with light armor because I prefer the way the leather armor and the various Thieves' Guild armors look. The only heavy armor I like is the Wolf Armor. Though, to be fair, I do think it is the best-looking armor in the game.
Functionally, this is your dilemma: More protection, slower movement speed with heavy armor. Less protection, faster movement speed with light armor. For archery, light armor is better. The idea with archery is to keep away from enemies, the movement speed helps when a bunch charge at you.