Honestly, it depends whether you're playing singleplayer and multiplayer, besides the usual naval map preference.
On paper, Great Lighthouse is about as powerful on naval offense as Great Wall is on land defense: because of the quirks of Civ5's naval combat, eg. no defensive bonuses, no naval units that can move after attacking, no fortification bonuses, no healing outside of friendly terrain, etc., the person who can move and attack from the furthest away with their navy gains an even bigger advantage than on land combat. As a result, sight and movement as valuable on all naval units as extra movement is on mounted units, or extra range on archery units.
If you're playing singleplayer, the AI is already so bad at handling its navy that you do not need Great Lighthouse to win with a smaller navy. Since the AI cannot move and attack and cannot retarget units it has just gained visibility on, it can barely make use of Great Lighthouse's bonuses, so you do not need to deny the AI Great Lighthouse, either. Basically, the wonder is only useful for its Free Lighthouse and +1 culture on singleplayer, which makes it almost worthless.
Things are completely different in multiplayer than in singleplayer, as even the newbiest of humans can handle their naval units better than the AI. If you want to win with Frigates, Battleships, Subs with Atomic Bombs, Carriers with Bombers, etc., Great Lighthouse is definitely worth investing in. If you think someone else wants to win with Frigates, Battleships, etc., then denying them Great Lighthouse is an excellent idea. What is a near-pointless wonder in singleplayer can be a vital wonder in multiplayer, even on land-dominant maps like Pangea.