I'm a cream cheese frosting lover and have been looking for the perfect lower fat/cal frosting that doesn't taste low fat. After trying many recipes and experimenting on my own I think I've finally come across one that fits the bill.
It should come out nice and fluffy and not too sweet (I don't care for overly sweet frosting) although one can always add more sugar.
I use two packages of Neufchatel Cheese (1/3 less fat cream cheese). It would probably also be good with one package Neufchatel cheese and one light cream cheese. I wouldn't suggest using both light cream cheese, and certainly would not suggest fat free cream cheese.
This recipe yielded enough to frost two 8x11 sheet cakes very thickly.