Cobray, I don't know any bodybuilders that would choose the type of training you're talking about over heavier sets with fewer reps. Watch the pros. Most of them have training videos out and none of them use light weight for building muscle because it just doesn't work.
"Everybody wants to be a bodybuilder but nobody wants to lift no heavy ass weights" -Ronnie Coleman
And don't worry about getting bulky, it won't happen without a good diet and intense training. I laugh when people come to me and say "I don't want to be huge"-don't worry buddy-it ain't gonna happen.