At least run the 12/3 so you can have a manual switch in the house to control the flood light, either a separate light or with the new fangled motion lights, when the switch is toggled you can over ride the settings and manually turn it on even if it's not sensing motion or is past the optional on at dusk to x number of hours time. that way you would have power all the time at the outlet and could leave a programed light powered on all or most of the time with the switch in the house, but still be able to control it from the house. Put the switch somewhere handy to a back window. Get the motion light with all the options like low power on for as long as you want after dusk.
How about a gfi breaker, that way the entire line would be protected in case someone stuck a shovel into it, the only problem is then the light would depend on the gfi, not usually recommended. if you just go with the 12/2 and gfi in the shed, then don't have the light be a load on the GFCI.
I'm kind of a light nut, got about 1800 watts of flood lights around the house that I can control separately in groups, I have one 500 watter that I can control from the kitchen or the 2nd floor hall, just outside all 4 bedrooms looking out over my deep back yard and woods, it's perfect for when someone (hears something in the night). Lights are a great deterrent to mischief.