I have had many CR123 and 18650 lights through the years. They are great, and do perform better than the AA lights. However, the technology has improved enough in the AA format that the advantages of the other formats are fading. They will always be ahead of AA, but at some point you just don't need "more". All of my recent purchases have been AA, and I am not the least bit disappointed. My current EDC is the Eagletac D25a. The thing I like is that it takes 14500 batteries, so you can still get that lithium ion performance, but can use an AA battery in a pinch. The performance is still very respectable with an AA. That's a huge advantage over CR123. I have been caught traveling once or twice and found my battery was drained. It's not always easy to find a CR123 battery, or a cheap one at that.
I also purchased the Thrunite Neutron 2A V2. I fall short of recommending the Neutron as an EDC because of the electronic switch, but the output is VERY impressive at 800 lumens. It terms of output, it outperforms most of the CR123/18650 lights I have purchased just a few years ago, AND at a lower price. I expect to see some 800-1000 lumen 2xAA lights popping up soon as a result. In my opinion, as far as EDC goes, it doesn't get better than that. Compared to lithium ions, Eneloops are cheaper and primary AA's are much easier and cheaper to obtain.
There are some who adamantly refuse to use anything but 18650/CR123, but you can't deny that the advantages are not as pronounced as they once were. My guess is the gap will continue to close, and the 18650/CR123 format will be used solely for spotlight/search and rescue type lights in the future. The reason I say that is because the AA format appeals to the masses. That equates to more sales. 18650/CR123 is still very much a niche market. I guess time will tell if I'm right.
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