Better to use 2 CR123A or 1 18650 battery?

Uh, protected battery = battery with protection circuit board. So no, it’s not a different thing.

But in that writing there isn’t “circuit” but only “Battery with Protection Board”. Therefore I can buy them because they are protected. Right?

Yes, those are protected.

When I will receive those batteries: http://www.dealextreme.com/p/genuine-panasonic-18650-3100mah-rechargeable-battery-with-protection-board-green-pair-121444?item=2
how can I verify if they are protected or not?

You can check my review of the battery.

You can see why people may find your answer wrong in the link below. In 2012 sure, but as time goes on we must also update info so that others are not mislead in 2021

LiFePO4 has low capacity, its main advantages are higher reliability and ability to handle high current, LiFePO4 isn’t new, it already existed back in 2012, that product it will be useful for some people but for most flashlight uses 3.7V/4.2V Li-Ion is superior. The ones in the link have a capacity of 450mA @ 3.2V = 1.44Wh, a good 3.7V 16340 may have 3.2Wh, an 18650 may have over 12Wh

Edit: added 18650 comparison, fixed typos.

Single-cell is always safer than running 2 cells in series.

With 2 cells in series, there is a risk they don’t deplete at the same rate. If one cell empties before the other it might end up reverse charging the depleted cell. A number of people reported their flashlights exploding when running 2xCR123 because of that.

A single cell is much less risky.

as HKJ posted above:
“The exception is lights that are stored away for emergency usage, there real CR123 batteries (not rechargeables) are best.”

is this still valid in 2021?

some of my friends/relatives have flashlights stowed in their cars for emergencies.
some have been there for many years without any use. some will never be used.
but……they should be reliable if needed. will CR123 do that better than 18650?

I’m curious about CR123 batteries too but more so the rechargeable RCR123 ones. Few years ago I used the green wrap ones from Ebay. Seems those were the only rechargeable ones around.
Is there a better rechargeable CR123 brand out today somewhere??