I think Whistler's 1/5A 400mAh is the only solution right now. I too have been searching for suitable substitute for a CR123A but non come closer to this. A nimh is peaks at 1.4v, drops to 1.3v easily. Two ganged up makes 2.6-2.8v pretty close to 3v lithium. Plus the physical size fits.
IMHO buying in bulk of 10 is a good idea, personally I would buy even more depending on light usage. A set of well cared nimh will last you about 600-800 charges. Depending on your application, as long as you don't put extremely huge load on your batteries they will be fine. Keep in mind that our torches will last a long time, but nimh/nicd has a lifespan of 3-5years as they will self-decay and lose their charge capacity.
If they last 600-800 charges, then you would be saving some money. But time and money spent on maintaining batteries might put you off, and end up buying those Lisun at $0.80 a pop which is really great. I will still stick with nimh for everyday light but use a lithium for critical mission. We are here to make earth better! not to produce more CR123A junks!
Question now is that where can we get 1/5A nimh other than batteryworldcenter? Anyone has a substitute for 1/5A?