Very light sabre, indeed. The name is a nod to light sabers (favored weapon of Jedi and Sith from the Star Wars mythos) because of its glow, and a nod to the fact that the weapon is specific to Gnome warriors... who, not to denigrate their lovely fun-size stature, would need a sword less heavy/long than a human's sword.
The sword is the only two-handed "light saber" sword in the game; all the others are one-hand. (See Spellfire Longsword and Argent Avenger ; Teebu's Blazing Longsword and Blade of Wizardry use a different color.)
The quest is Alliance only and specific to Gnome warriors, so if you want this for any other race or faction then you will need to use Blizzard's paid race or faction change. Be mindful, though, that the weapon model seems to still have issues with model scaling and animation for non-gnomish races.