Version 3.0.2 does just like it says.

First I do want to give a heads-up on one thing. If you are using a version prior to 3.0, this plug-in needs to be updated to version 3.0.2 before activating Jetpack. If you don’t, Jetpack (v2.7 at the time) may fail to activate (it did for me with a fatal error) because it was trying to execute some Jetpack Lite code instead and was trying to include a file which didn’t exist. Anyway, after I updated Jetpack-Lite to 3.0.2, I was able to then activate Jetpack without any problems. The only visible modules in the Jetpack screen are the Stats and WP.ME modules and my blog’s performance is the same as before.