Safety warnings first:
The charger that has been linked to above (DX SKU 6105) does not terminate the charge and will trickle a cell to ~4.26V (give or take) without ever stopping the trickle to hold the cell at that voltage. This charging method is not recommended by li-ion cell manufactures and can lead to the conversion of lithium oxide (ions) into metallic lithium plating on the anode. This conversion process can lead to chemical instability within the cell, which can eventually lead to fire or explosion.
It's easy for folks to post a quick link to a cheap charger on DX but very time consuming for someone to go around and "clean up" after the fact.
If you choose to purchase the charger, you can increase your safety margin considerably if you do 2 things:
1. Always monitor the charge, try to remove when the light turns green. Leaving them on any longer is going to be harder on the cells.
2. Possibly attach a timer to the charger that will kill the power that the charger is being fed after like 2 hours (modified up or down based on state of charge).
You may want to have a look here to make a decision on which charger to purchase
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In response to the original question:
Most LED flashlights that support either 2xRCR123 or 1x18650 will operate as follows.
2xRCR123: Maximum output for 45-60 minutes run-time. No diminishing output. Followed by sudden shut-off by PCB in cell.
1x18650: Some units will be as bright fresh off the charger as 2xRCR123, some as much as 30% or more dimmer. Most will steadily diminish in output through the discharge to about 50% of the initial starting point on the 18650. The resulting run-time can be anywhere from 3-6+ hours depending on specific behavior of the flashlight in question.
In some specific cases, which is usually advertised by the manufacture, the light will run in regulation on both. I'm only aware of 1 light that does this, and it's made by EagleTac and achieves this ability by using selected low Vf LED emitters and a very well designed buck regulator with minimal over-head voltage requirements.
Best of luck on your quest for your optimum rechargeable configuration. Be Safe,
Eric