Yes, what dano said, but I was in the middle of typing a lengthy reply so...
What's great about the 18650 is its energy density.
AA:
diam: 14.2mm length: 50mm volume: 7918mm^3
mAh: 2000mAh @ 1.2V = 2.4Wh capacity (ENELOOP)
energy density: 0.30 Wh/cm^3
18650:
diam: 18mm length 66mm volume: 16795mm^3
mAh: 2900mAh @ 3.7V = 10.73Wh capacity (PANASONIC Li-Ion)
energy density: 0.64 Wh/cm^3
Mechanically, an 18650 cell is quite different from any other battery size. You might have to re-bore a flashlight barrel and use a spacer to replace 2x AA cells with a single 18650 for example.
Electrically, max 18650 voltage is 4.2V and max AA voltage is 1.6V, so you have to make sure the driver circuit can handle it.
If you like the idea of 18650 cells, you're best off getting a flashlight specifically designed for them, unless you are really attached to a particular flashlight and are willing to modify it.