Right, the pilot would need a current medical, a current flight review, and any endorsements, with an IFR rating and current in it, etc. The point is that a plane that meets the light sport aircraft does not have to be limited to merely day, VFR flight below 10,000 feet provided the plane is suitably equipped and the pilot has a PPL and is also suitably "equipped."
Oh, I should have also listed VFR day only as a light sport pilot requirement. (Even this has an additional limitation -- it cannot be VFR day on top. The light sport pilot must maintain ground contact.)
As an example of another wrinkle, if the sport pilot never had a PPL, and received training in an aircraft that flies at cruise slower than 87 knots (many ultralight-like aircraft do not fly faster than that), then the sport pilot would need additional training and a CFI endorsement to pilot a light sport aircraft that flies faster than 87 knots.