Someone with such a "light-weight suspension", would lose all his rep gained before issuing the suspension. Thus, the rep would be reset to 1.
With it, their privileges would be the same as a rep 1 user. No more votes, meta activity, comments and so on.
However, they still would be able to do anything what can be done with 1 rep. Including, writing posts.
Essentially, it would be a temporary "reputation reset".
The rep what he gains after that, would still entitle him for different privileges - but only that rep would count, what he gains after the suspension. For example, he would need to work for the ability to write comments again.
Putting someone into such a "light suspension" would be an option to the mods, if
- The activities leading to a suspension are bound to privileges (for example, problematic meta activities or VtC/VtR votes)
- The user is productive on the main site.
- A very serious warning should be issued to the user, but without "killing" him entirely.
Having this option, the mods could suspend someone, but without stopping also their productive activities.
After the suspension expired, the user would see his full rep again, as usual.