Peak 3LED AAA lights (and I think most recessed LED Peak lights) don't have the side spill which made the Arc AAA so useful.
Best shape of beam I've found in a sorta small 1 AAA light is still the Dorcy 1AAA which has very good brightness and sidespill. Bigger than a Arc, but pocketable and has a push button. I slip a 3/4" length of clear plastic tubing over the rear cap and a little of the body. It stiffens the cap and makes it easier to hold in my teeth.
Also about 1/6 th the price of an Arc AAA now.