Oxidation of Cigars??

[Nature]

I speculate it creates a chemical reaction of the oils, effecting flavor more than construction. Just a guess though.

I think this is mostly the case.

If subjected to more intense or UV light, it may have a small deterioration, decay, or discoloration of the wrapper which may may affect the structure. It would be limited to the outer wrapper where exposed though.
In reality, I think it would take quite a bit of time or intense light and I doubt many of us would be able to tell the difference in how it smokes. I don't think normal ambient room light would do much.

I think a bigger concern would be the additional heat generated by direct light and the evaporation or reduction of the oils.

[jhedrick83]

I think this is mostly the case.

If subjected to more intense or UV light, it may have a small deterioration, decay, or discoloration of the wrapper which may may affect the structure. It would be limited to the outer wrapper where exposed though.
In reality, I think it would take quite a bit of time or intense light and I doubt many of us would be able to tell the difference in how it smokes. I don't think normal ambient room light would do much.

I think a bigger concern would be the additional heat generated by direct light and the evaporation or reduction of the oils.

Yeah, I would think the regular swings in temp would be the biggest issue.