I personally believe after much consideration and pondering, reading different books and channeling that our life after our physical life is a very busy one. Once we leave our physical bodies, depending on that soul, will either depart back to where we came from immediately or hand around a bit to say their goodbye's then depart. Or in rare circumstances, just refuse to believe they are dead and for whatever reason refuse to go home therefore becoming a 'ghost'. The light it seems to me is more of just a doorway and a path to take you home. Once we get to the otherside of that light is when things start taking off.
We get back there and have to recover from being in a physical body, then we are reunited with our soul group. There will be times when you will go and review your life to see what you thought went right and what went wrong. Then you make a decision to stick around home to learn new things or begin preparing for the next life that you want and the challenges you want to take on. Since time is not an issue over there, on earth it could be a few years or it could be hundreds of years before taking on a physical form again. I would hardly say it is boring over there.
Every Channeled reading and case studies I have read about never suggested anything about a heaven or a hell. But that it is something we create for ourselves after we initially pass. It is said that once we get over our passing and shed 'our human' aspects (we retain our experiences however) we return to a world that is very supportive and loving. There is more to it of course, but it seems to be the very bare basics of what it is.
So yes, I guess you can call it reincarnation. It seems to make so much more sense than... this is it folks! you get one shot.. if you don't get it right.. too bad.