Well, it really depends what youre looking for.. I'm pretty sure you can't get primary 18650's, and theyre a lot less readily available. But you should certainly get more capacity from a single 18650 than two cr123's, the trade off is a lower voltage, but that shouldnt be a problem in most regulated circuit lights. That's how i understand it anyway, but im by no means an expert..
Without knowing your application for the cells, there's no appropriate answer to that question. 2x123 are preferable in some situations, an 18650 preferable in others.