My first playthrough of the game was as a lightsider, and I thought it was the way the game was meant to be played, given the kind of emotions it stirred up in me. I didn't want revenge, so much as I wanted to know the Councils reasons for not getting involved and staying home in comfort while we fought and died to keep the galaxy safe.
I was so convinced that I (er, the Exile) did the right thing by fighting in the wars, I was extremely defiant and self-assured early on, like when I talked to Atris. And then I learned of all that Malachor wrought, all that happened because of that one war and that final battle...
I (er, my character) was so upset by the constant mentioning of the effects of the wars that by the time I met the masters on Dantooine, I just gave up and didn't put up a fight.
Then Kreia walks in, slaughters everyone, and says that she knows now why I didn't follow Revan and Malak after the war... I was weak and afraid. Maybe I was.
That part of the game was one of the best things in it, to me anyway.
To get back to the question, I think it's best played LS