At 0930 mountain time, a Cessna 172N aborted its takeoff from runway 4R at Falcon Field Airport after smoke was observed in the cockpit. The airplane was destroyed by fire but the flight instructor and student pilot were uninjured. The CFI said smoke started coming from the panel just after rotation. He aborted the takeoff, coming to rest in a ditch, and the two evacuated the airplane. He said the landing light circuit breaker had popped.