I never noticed that Light attracted more monsters than no-light.
And chameleon does pretty well.
But there's plenty of factors
- caster level (for Chameleon)
- monster level
- monster distance
- ambient conditions
There are places where it ain't gonna do you no good to have chameleon, but not many. I use it mostly to get closer to monsters before I attack (or further, depending) and also to avoid combat when i just wanna travel.
The Bayjin cave-guard party can be sneak-attacked. You have to come from down hill and begin the attack before they can see you. You can get a bit closer w/chameleon, but these guys can sense you via your brainwaves, so it doesn't matter if you blend in to the surroundings.