Well, for one thing, voltage. eneloops have a voltage rating of 1.2V, 14500 cells have voltage ratings of 3.6 and 3.7V. You also get much lower capacity. The Ultrafire 14500 cells I use have a rated capacity of 900 mAh, and it's actually probably lower.
Understand, you can't just throw 14500 cells in any AA light. The light has to have an input voltage rating of around 4.2V in order to safely use these cells. Even then, you'll have to keep an eye on the heat being generated. I wouldn't run a light on high for long periods of time with these cells. What are the benefits: Brightness, definitely. The price you pay is less runtime due to the lower capacity of these cells.
The only lights I use 14500 cells in are the Jetbeam MKII and MKIIx. These lights have an input voltage rating of up to 4.2V, and regulation works with these cells.