We report the results of a systematic static and dynamic light scattering study of polymer-like lecithin/ cyclohexane reverse micellar solutions. The composition and concentration dependence of static and dynamic quantities such as the osmotic compressibility and the static and hydrodynamic correlation lengths are analyzed using theories for dilute and semidilute polymers. At low surfactant concentrations, we present a detailed analysis of the water-induced micellar growth found in these solutions, and we show how the effect of micellar growth and intermicellar interactions on the light scattering data can be taken into account in a self-consistent way. At high surfactant concentrations, we demonstrate the existence of universal scaling functions for these quantities and discuss the close analogy to semidilute polymer solutions.