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enLIGHTenment said:
2x 2500mah AA NIMH store 6.25Whr, compared to 4.5Whr for a CR123A. On theoretical capcity, AAs should give 40% more runtime. However, NIMH hold up better under load so overall runtime may be better.
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Silverfox found that under 1 amp loads, the best CR123 batteries came in around 3.1 Whr, quite a bit less than 4.5 Whr. They approach 4.5 Whr more closely under a 0.5 amp load, but not many of our favorite lights are that parsimonius!