LEDSABER said: "...I'm debating between this and the Fenix L1P. I prefer cr123 that's why I have not bought the Fenix yet..."
I have both Caribbean and three Fenix L1Ps (or did until last week when I gave the L1Ps as gifts).
Both are great lights and you'd likely be happy with either. However in general the Fenix gives more bang for the buck, and is very high quality. The Caribbean definitely has more overall output but it's not immediately obvious to many casual observers. That's because the Fenix on-axis lux output is about equal to the Caribbean, but the Caribbean has a larger hotspot and brighter spillbeam.
If money is no object the Caribbean is better, has more overall output and (for pocket body version) is significantly smaller.
Very early usage feedback may indicate the Fenix HAIII anodizing is less robust than the Caribbean.
But the Fenix provides lots of performance -- approaching the Caribbean from a casual visual standpoint. The Fenix is a quality light and handles well.
The Fenix is a tail clicky whereas the Caribbean is a twisty. Peak has an upcoming tail clicky option for key lug body Caribbeans, but this will increase the physical size to almost the Fenix.
If you don't care about switch type and want the absolute best that's still the Caribbean. The pocket body Caribbean is significantly shorter. But the Fenix is less than 1/2 the price and gives much of the Caribbean performance.
The Fenix can use an alkaline, NiMH or e2 lithium AA.