even at a sensible 1 amp, a 3.6 v 14500 is cranking out 3.6 watts. at 2 amp, a 1.2 v AA Nimh is producing 2.4 watts. so you get more power with a 14500. i know there are other considerations like what the driver is designed for and such, but for most cases, even at relatively low draws, a 14500 = brighter.
As you know I've been looking around for a light weight flashlight to provide a little throw when I'm hiking using my headlamp as well.
I don't know what the ultimate choice will be but I now have a few lights and batteries on order. I just ordered the UltraFire BJ08A from TMART (first order there). I just ordered some 22 mm optics from DX to possibly use in that light. I'm sure it will be fine without it. I have a couple of 14500's coming from Manafont as well as two Sipik's (Sk68 and SK78) along with a couple of 10400's to use in my ITP A3.
I think (hope) one of those combinations will fill that need (throw for hiking).
I'll get to check out two new (to me) dealers as well (Manafont and TMart). I just placed the order with Manafont on Monday (I think) and I got the notice today that it's being shipped. I hear that the merchandise at TMart is hit and miss but that shipping is fast as well. I guess I'm in the gambling mood regarding the quality of the goods from TMart. At least all I ordered was one $16 light.
A driver is most efficient when the voltage from the battery is close to the voltage being supplied to the LED. Boosting 1.2V up to 3v+ causes quite a bit of the energy to be wasted. Using my SC51w, I tested to see what the difference would be between the two with a good circuit and got about 40% more output from a 14500 than an Eneloop AND got 20% longer runtime. That was with a 1950mAh Eneloop and a ~800 mAh Trustfire Flame.