Carbide lanterns satisfied a need when batteries were less dependable and didn't pack enough amps to last. While neat, they just aren't very practical for most cavers anymore.
The lamps drip water from the top section onto carbide in the lower section and the carbide releases acetylene. Yes, those lanterns stink when you're adding the carbide and cleaning out the residue, but there's no smell when the lantern is sealed and burning.
Not to dispute cave dave's comments ... that's some great information! Perhaps my experiences with carbide lamps are just a little different?
Back in the dark ages when I used my lantern in caves, I remember the light being significantly whiter than incandescent bulbs. Doesn't acetylene burn a blueish-white when compared to, say, propane? Anyway, the light is surely less white than LEDs.
My reflector got fairly warm, but could still be handled, and the lantern body stays near ambient temp. The flame isn't in contact with the jet or reflector.
I never had a problem keeping it lit, but then I never used it in a windy place.
cave dave's absolutely right about how hard it is to get carbide! Something I learned a couple months ago when I was thinking about getting some for my lantern just for fun was that just recently one supplier has started shipping carbide direct. Carbide isn't cheap to begin with ... and to get delivery you have to order a large amount ... and then, the shipping costs are horrendous! It's a very hazardous substance and you pay dearly for transportation. I don't remember the supplier, but found it with a Google search.
No one I know uses carbide anymore. A couple places I talked to suggested I check with local caving groups as they sometimes do a group buy or have another local source. Getting carbide became more work than it was worth.
For me, batteries are easier to get, cost less and are easier/safer to carry, so my carbide lamp sits idle in a display case.