I tried posting this yesterday, but the server wouldn't let me.
Welcome to CPF paintballdad.
In years past there was a larger difference between lights that used CR123's and AAs, with the CR123 lights having a significant advantage. These days I think the CR123's still have an advantage, but not as much as they used to.
To me the most annoying problem with the lithium cell lights is that there seems to be a penalty if you want to use rechargables. The most common rechargable chemistry for lithium batteries is a cell producing 3.7volts. Some lights designed for cr123's [nominal 3.0v] can't use 3.7v, or just turn the extra voltage into heat, shortening the runtime. Some cr123 lights can't fit rechargeables. There are also dangers with some lithium rechargeable cells, although careful use greatly minimizes them.
Advances in LEDs and circuitry make some of the newer AA lights perform very similarly to CR123 lights. AAs have a great advantage in availability and flexibility. If you need lithium for cold weather use, long term storage [without leaking!], or longer runtime you can get AA lithiums. The lithium AA cells are about the same price as the cr123 cells, and Energizer [the only AA lithium primary source] is comming out with an alternative lithium AA cell, which may give a lower cost option.
Another AA advantage, IMHO, is that the best rechargeable battery available now are the LSD [low self-discharge] NiMH AAs, although I've heard great things about the 18650 sized lithiums [twice the size of CR123s].