Litecoin was created by Charlie Lee, who was working for Google at the time. Litecoin was not the first altcoin that Charlie created. The Fairbrix coin was the first coin that Charlie created. Unfortunately, Fairbrix died shortly after it was created. It was killed by a software bug and a 51% attack on the Fairbrix network.
Charlie took this experince and combined it with some of the innovations of Fairbrix to create a new coin which would soon become the 2nd largest digital currency in the world: Litecoin.
Litecoin did contain some innovations, but the most truly innovative aspect of Litecoin was the marketing. Charlie Lee was probably the first to develop the whole concept of "marketing digital coins" for success.
In terms of the technology behind the coin, Litecoin really has not had an advantage over Bitcoin, until recently. The Litecoin team has recently added some features that are currently considered too risky or dangerous to be added to Bitcoin. These new features help prepare Litecoin for the world of the future, where money can be sent anywhere in the world just as easily as email.