Although I don't normally subscribe to the watt hours terminology, here is another tidbit.
A 3.7V battery really starts out at about 4.2V. Lets just say its 3.8V for most of its useful life. At a 2.8 Ampere hour rating. 3.8V x 2.8 A/Hours is 10.64 watts for an hour (in theory) as far as capacity. That would also be over 21 watts for a half hour or 5.3 watts for 2 hours (in theory). Letting the batteries get hot from heavy load will shorten its cycle but in general that's how it works.
2 non rechargeable CR123's really start life at 3.2V but because of the internal resistance under any useful loads sag down to 2.7V. Lets say the load current is low and they actually hold at 2.9V. Their ampere hour rating is not better than 1.0 each. In series that would be 5.8V X 1 Amp/hour or 5.8 watts for an hour for the pair. It would not be 3.2 V at 2 ampere hours, nor would it be 6V at 2 ampere hours. Batteries in series add up the voltage only but the ampere hour rating remains the same.
Maybe I am lying and you would get a little more. Lets say 6V and 1.2 ampere hours for the pair in series. Thats still only 7.2 watts for an hour.
Now you see that the 18650 battery appears to be a serious workhorse compared to the CR123's even in pairs. However its limitation is its only 3.7V and not suited to most drivers, and its wider by 1mm so it won't fit in a lot of flashlight tubes designed for the CR123.
This is why some guys bore out their flashlights or go for the ones that specifically take this size battery and put in a sleeve when they want to go with the CR123's.
Just for fun I took a laptop battery pack and split it in half. I have 2 18650s in series and that is in parallel with another set for a total of 8.4V and 5.6 Ampere hour rating (if we assume the batteries were in fact good for 2.8 ampere/hour rating each).
What does that do for me? For an LED that only needed 600mA at 8.4V from the driver thats good for 9.3 plus hours of continuous use (in theory). But where do I put this monster battery pack and do I need it to to run this one light source, not really. For an Incandescent Xenon Lamp that is rated at 320 lumens and draws 1.6 amps without a regulator to keep it constant; that battery combo help keeps the voltage from sagging right away and delivers that 1.6 amps giving me at least 13.4 watts of power for up to 3.5 hours (in theory again). If the batteries get hot the cycle time is shortened. But if I did it in bursts, I could potentially get that much out of it. It would take a hell of a lot more CR123's in a series parallel combination to get 13.4 watts for 3.5 hours than 4 each 18650 batteries. First I would have to stack them in a series of 3 to get to the 9V. if they are 1 ampere hour each. 3 sets in parallel of 3 in series is 9V and 3 ampere hours rating. thats 27 watts for 3 hours, no because the voltage will still sag faster than the lithium rechargeables. Lets say 8V at 3 amp hours so now we got 24 watts-hours The flashlight will still draw somewhere around 1.5 to 1.6 amps off this battery combination (voltage will sag and the current draw will not be a well held 1.6 amps, so basically I have about 2 hours of useful run time, give or take a little off of 9 batteries instead of 4. I would need 12 CR123's to really do the same job and maybe get 3 hours and a little more in run time. In reality the 18650's are probably only good for 2.5 Ampere hours not 2.8 so the disparity would not be all that great, but it is still a big deal.
I am making a battery pack to run this Xenon lamp for a bike light. Its actually the Lumens Factory 320 High Output 9V unit. The battery pack will go in a water bottle in the bottle holder and the flashlight is on the handlebars. And having all that oomph to run for 2.5 to 3 hours real run time isn't bad. Especially since the batteries were free from a dead laptop, and I have 2 packs not one.
The moral of this lesson is. If you are running a flashlight that is truly a 3 watt LED light source with a good driver that is drawing less than 600mA from the batteries, low cost CR123's is not a bad way to go. Low cost RCR123's that can be recharged will also work well but not great runtime. But if you are running a current draw battery hog such as a P7 or multiple CREE LED heads, the preferred battery source is 1 or 2 18650's and not 2 to 4 CR123's. That's why most of the heavy current draw flashlights are designed around this battery even though its not common and not sold as a non rechargeable. As an example Wolf Eyes has a flashlight with 3 Cree R2 LED's in the head and runs off 3 18650 batteries in parallel to keep it bright for at least 3 hours. 840 lumens rated output. That is brighter than a car headlight (its about 1.5 headlights) for more than 3 hours out of something that will fit in your hand.
I have not gotten into all the little details of battery sag, due to internal resistances, how the wasted power kills the battery, but its there.
If you want a good long running high power flashlight, pick the light source around the 18650 battery as the primary consideration.