I use 14500 and 16340 li-ion cells and lights and prefer to carry the latter, in spite of the lower capacity found in the 16340s.
AA lights have come a log way. I have a few--Icon Rogue 1, Xeno E03 and L3 Illuminations L10. All work on 14500s with various ease and they're not a lot of money. I use Sanyo 840mAh UR14500P li-ions and they're the state of the art right now and have been for a few years. They're naked cells and have no PCB protection circuit, so you're on your own and need to monitor voltage levels.
If you want the hot new AA light, it's the ZebraLight SC5, which is designed around a Panasonic Eneloop XX/Pro 2500mAh battery. The light does not support li-ions like their famed SC52, but that's not necessarily a bad thing. I generally don't buy lights that do not support li-ion cells.
500LM in 3 minute turbo mode out of a single NiMH 1.2v AA battery is pretty impressive and it comes with ZL's impressive 'U.I.'. Runtimes are pretty good, as well.
The Thrunite Neutron 2A v2 with 2xAA extension tube which came out in October was supposed to be the killer AA light to have and I almost bought one, but the first batches had a whole bunch of bugs and glitches, so I've held off.
Something like 850 measured (integrating sphere) OTF lumens, which is crazy output.
The problem with small lights and li-ion cells is thermal regulation. Smaller body/head, less mass, less mass, less thermal conduction, less thermal conduction, higher/quicker heat build up.
I've got the L3 L10 and an AAA Olight I3S that both work with li-ions, but are so small that they heat up in only a couple of minutes, to the point that you can't hold them any longer. I keep Eneloops in them and outputs are awesome for the size of the light.
Chris