I like the high output LED's as much as the next guy and have a decent number myself. The 123 batteries are great for them.
What you have to realize is that during a real SHTF even. You will use a very low output light 1000 times more than that eye blazing light blaster. For the real work lights, the AA batteries are king. I love the run time of the energizer lithiums. I can carry a couple of sets and have enough light to last for a couple of months of normal usage.
I have actually spent alot more time looking for and buying very low output lights. On my last night hike, I brought a surefire and realized that it was way, way to damn bright for looking at a compass. Fortunately, I had a clear bottomed compass and I shined it at the ground and looked through the compass. Then one of my nephews pointed out how it would be really easy to see us outside of the woods. Infact, the surfire L4 was so bright that my night vision was effected.
So, I have my eye burners for home and personal defense, but the real work horse is a Fenix or one of my other low output lights.