Well, my thoughts on the 14500`s would be that they would be run in parallel, easier to change batts in the dark...also not so sure about the capacity being lower...need to keep in mind it`s a higher voltage batt...so not sure one can simply look at/compare ma ratings that way.
"The main advantage of lithium batteries is their energy capacity. UltraFire 14500 is rated @ 900mah (although capacity is likely over rated). 900mah x 3.6v = 3.2Watt hours. While eneloops are 1.2v x 2000mah = 2.4 Watt hours".
"The nice thing about 14500's is they are 3.6v the operating voltage of most LED's. So you could have a smaller flashlight operate off 1x14500 rather than the 3xAA's needed to achieve the 3.6v..."
And I believe cold weather performance would be better too...important for a true search and rescue light. And I`m old school, brighter better...the old CPF motto...