That is one of the new AW IMR 16340 cells. It is capable of higher currents than either primaries or standard cobalt chemistry lithium-ion rechargeables, but runs at about the same voltage (3.7V). Since they run at a higher voltage than primaries, they cannot always be used as a drop in replacement, especially for incandescent applications. There are now lamps made by Lumensfactory that take advantage of the higher current capabilities of these bulbs. That appears to be the Strion bulb conversion in the picture with it, which is the brightest incandescent option for the single cell E1E. With two of those cells you can run the IMR-E2 which puts out as much light as an M3.
Keep in mind that these batteries have lower rated capacities than 'standard' cobalt lithium-ion cells, but that is only true at relatively low discharge rates. For anything over about 0.5 Amps the IMR cells run longer. They also hold a higher voltage during the run. About the only drawback to them is that they do not have overdischarge protection, so you have to be mindful of stopping when the light begins to dim and then get them back on the charger.