So are you saying that being able to run 14500 is a detriment rather than an asset?
No, not really. It depends on how well the electronic driver is designed. Some lights do a better job than others with their capability of utilizing an AA or 14500. In the case of the Jet I MK, I personally think they do a better job with AA than with 14500.
One issue with an AA light that can do both 14500 and the 1.5v cells has to do with the fact that the LED has a forward voltage drop of around 3.0 volts. Thus the driver needs to do boost for the 1.5v cells and it has to do buck for the 14500 lithium ion cells. I have found the efficiency to be similar if done well. Take the Nitecore MT10A for example. It's very well regulated and efficient with an AA. But they use PWM for the 14500 battery and so that kind of turns me off with that one running a 14500, even though its bright as heck on turbo. The Fenix LD11 and new LD12 do a good job with the 14500 battery and I prefer it to an Eneloop. The Jetbeam Jet I MK with a 14500 is bit more jumpy at the low and med mode in my light box than an Eneloop which indicates that it must have some sort of "not so well regulated" mode of operation for doing buck. The high mode is stable and looks like it might be direct drive and I'm getting around 600 lumens. I just don't see the point of it. (Mostly it just be for the showy aspect of how dang bright the little light can be). That will drain the battery quickly. So that leaves two modes for me with a 14500 battery. I just think the Jet I MK is better suited for an AA battery for all around use and it is very well regulated and efficient with one. I love the Jet I MK.
The other thing that was pointed out is that both an Eneloop and a 14500 battery have about the same amount of energy. Thus if both boost and buck driver capability are of the same efficiency, then you will get the same run time at the same output. However an Eneloop battery cannot source the current for the really high outputs so that is the advantage of the 14500...........you get about the same run time at the lower outputs as an Eneloop but you also have that turbo mode for the momentary need of a very high output. However a 14500 battery that is driven really hard will need to be charged back up soon. So my point is that a 14500 battery is great as long as you don't need the turbo mode very often, because that will just drain the battery quickly.