By default any player who can control the token sees the light from the token. So you could set that to one player, multiple players, or all players.
In addition, you can check the "All Players See Light" box which will show the light to all players regardless of who can control it.
Oh that is cool. That will allow people to only 'see' what their token sees. Is there a way of controlling the shape of the light? For example, making it a cone shape? I presume 'no'.
For the GM or for players? The GM view uses the same transparency slider for the lighting as the FoW does. The player view is solid black for both FoW and the unlit areas.
Ah, I did not know that. It would be cool if the FoW worked more like the Infinity Engine games (Baldur's Gate, for example). In BG you had two types of FoW. Places you had never been to were pitch black, but places that had been visited but could not be seen (due to being out of your field of vision) were darked, You could only see things that were on what is BG's 'map layer'.