A 2500mAh 16650 is going to have a lot more capacity, and much longer runtime, than two 600-800mAh 16340s.
It's just going to fall out of regulation sooner.
If you want maximum brightness for a full hour, great-2x16340.
The same light on a 16650 is probably going to run for triple that, it's just going to be getting continually dimmer after falling out of regulation. It may very well double your usable runtime, though, if half the initial output is "usable" to you.