All chemical peels (and laser peels for that matter) will lighten a patients skin. Realize that dyschromia (pigmentation problems) is one of the most common results of sun damage. Your skin makes pigment (melanin) to help protect it from UV rays. Over time, some abnormalities in pigment production occur and these show up as freckles, brown spots or staining, and generally, irregular pigmentation.
A chemical/laser peel will remove a lot of this pigmentation. Some of the deeper pigmentation may not be removed, but a significant amount of pigmentation can be expected to be removed. This is a good thing! A baby's skin is pale and uniform. If we can get rid of irregular pigmentation (with in reason) your skin will be more uniform and look better and more youthful. It will help with wrinkles but there are much better tools in my toolbox for those, laser resurfacing--ActiveFx and DeepFx are the state of the art tools.