In complete agreement right up to where you suggest L91's are cheaper locally than CR123A. At your nearest Lowes, you will find Surefire CR123A 2-packs for about $4.50, while I challenge you to find a quad of L91 locally anywhere for less than $12. Online, one can get L91 in bulk cheaper, say 50x L91 for about $80, plus shipping, yet 50x CR123A (Ti Innovations from Battery Junction) is $48 w/ free ship. L91 are at least 75% more expensive per piece than CR123A locally, and at least 60% more expensive per piece in bulk online. But I suppose getting down to comparing the cost of the actual energy contained in the different cells may get their prices closer together.
Ehhh, I don't know where you live, but here in Miami, I can go into a Publix supermarket and buy a 4 pack of Energizer Ultimates for $7.99 plus 7%. I can then drive over to Lowes and get that 2 pack of SF CR123As for about $4.50 plus 7%, so it's a wash.
Buying CR123As at the supermarket will cost more for the Energizer and Duracell versions, but going over to Walgreens, or the CVS drugstore will yield a $7 per cell price, so one needs to shop around a bit.
As far as the Titanium Innovations CR123As, I think a better comparison would be to compare the L91s to the Panasonic USA CR123As, which are at the top of the heap and an apples to apples affair.
In that comparison, the cost isn't all that much of a difference.
A plastic case holding four of each battery/cell is smaller than my LG flip phone, if runtime is so important.
Chris