Lacey Swiss and Baby Swiss are really quite different, at least to someone in the Industry. Baby Swiss is characterized with dime size holes, spaced a few inches apart. Lacey Swiss, as mentioned in the article, has pervasive tiny eyes throughout the cheese that should be no larger than 1/8 inch.
Second, most Lacey Swiss is not low fat. But all Swiss cheese, regardless of eye formation, is made with partially skimmed milk (Resulting in 8g of Fat/oz vs. 9g/oz for a Cheddar). Part of this confusion can be explained below.
The biggest reason for the confusion of Lacey vs. Baby and the fat issue is because when Alpine Lace first started out in 1985, it was a true Lacey Swiss - and that's why the name "Lace" is in the brand. However, after a couple of years, the company (Alpine Lace Brands,Inc.) was forced to switch to a Baby Swiss eye formation due to a conflict with another customer of the plant that made the cheese. This customer had an exclusive on the Lacey formula. But the brand name was established and many consumers came to associate Lacey Swiss with Alpine Lace. But it was always a Baby Swiss from 1987 - 2005. It has changed even more in the last few years. Alpine Lace Brands was sold in 1997 to Land O Lakes. The same plant continued to make Alpine Lace for the next 7 years. But sales decreased steadily since the sale, so the makers of the cheese decided to start marketing their own brands of cheese. Land O Lakes went out West in search of less expensive milk (vs. Midwest) and found a plant to make it for them in the same manner as commodity Swiss - it's a lot cheaper to make it that way - in huge blocks that are cut into rectangles with a much more efficient process - rather than being made one loaf at a time and in a way that delivers the smooth, creamy and nutty taste vs the harsh flavor of regular Swiss.
Alpine Lace was always 25% Less Fat (thus confusion that Lacey Swiss is usually low fat)and 50% Less Sodium. But with this change in cheese style, Land O Lakes dropped the sodium claim and now has 50% more sodium than regular Swiss cheese.
So that's my wordy two-bits.