Nizn AA cells give it the brightness of lithium AAs and the rechargeability of nimh. I get around 2 hrs runtime.
to expand:
a Lithium 123A battery has a nominal voltage of 3.3 volts unused.
this drops to 3 volts under load and once used.
thus, 123A is "3 volts".
A alkaline has a nominal voltage of 1.5V unused for x2 3V. Under load, this drops somewhat, but not much. Alkalines have a steady discharge curve and until around 1.0 V (x2 = 2.0V) there is still some energy potential left in the cell. So alkalines have a nominal voltage initially of 3.0v for two (less than Lithium 123A 3.3V) that drops to as low as 2.0V by the time the battery is dead.
NiMH and NiCd bateries have a nominal voltage of 1.3 vots, that drops to 1.2 under load, for 2.4Volts. by the time they are dead, voltage is approx 1.16, not much less than initial voltage. So total voltage for 2 near-dead NiMH batteries, is 2.3V.
NiOx (powerpix) batteries have a nominal voltage of ~1.65V and maintain this voltage under load. They "overdrive" normal flashlights, and thus do not last very long...
NiZN rechargable cells have a nominal voltage of 1.6 volts, and two would be 3.2Volts, comparable to 1x123A.
Lithium AAs have a 1.6V nominal voltage. Under load, they do not go down significantly.
Finally, Li-ion RCR cells range from 3.1 volt to 3.3 volt, the standard, to the 3.6 volt. for a 3.6 volt battery, the initial nominal voltage is 4.2, but under load or well used, it is 3.0-4.0V, with an average of 3.6.
This flashlight is designed for a 2.3-3.4volt operating range. It works best at the upper end of that range. above that range, it probably does direct drive (thus liions are not recommended).
Thus, combined with the watt-hours of each battery type:
a Alkaline is the worst type of cell, as under heavy load they have about 2.75-4 watt hour for two.
Nimhs have under 5 watt hours for two.
Lithium AAs are quite good. they have around 9 watt hours for two.
NiZn have around 6.5 watt hours.
1 123A battery has about 4.5 watt hours and is much smaller than two AA. for size, the Lithium 123A primary is undoubtely the best.
1 RCR123 has about 3.1 watt hours.