TomTomLite is a lighter version of TomTom that provides some of the same features with no backwards compatibility. Redesigned from the ground up to work better with WoW's mapping API, this will enable me to make changes and add features more rapidly.
Currently the addon displays three types of waypoints: quest objectives and turn-ins, corpse location, and archaeology dig sites. For quest objectives, the top-most objective in your tracker that is in your current zone will be displayed. You can set this to be the 'closest' objective by right-clicking the objectives tracker and selecting 'Sort Quests: Proximity'. Alternatively, you could use the manual sort function to determine which waypoint you want to be displayed on the arrow.
If you die, the corpse arrow will take priority, and if you have no quests being tracked and are on a continent with archaeology dig sites, these will be displayed instead.
The arrow can be moved by alt-clicking it, and if you'd like to change the scale of the arrow you can do this by using alt-mousewheel.