A couple points worth making:
AA and 123 are battery sizes, not to necessarily be confused with battery chemistry. 123 primaries are lithium cells, and when most people say AA generically they are referring to alkaline cells, but you can get AA in lithium. I realize this has already been pointed out to some extent, but I still see some people making 123 vs AA arguments which are really lithium vs alkaline arguments.
Lithium cells perform much better in a wider range of temperatures than do alkaline cells.
There are rechargeable cells in 123 size. I run them in some of my 123 flashlights. That said, they are generally higher voltage than 123 primaries (there are various kinds, but that's a whole 'nother can of worms) and I wouldn't stick them in an optic.
Flashlights suddenly dying isn't really a result of 123 vs AA as much as it is the device, its method of illumination, and its regulation. Some flashlights will dim slowly over a long period of time while others will die suddenly. This is true regardless of battery size or chemistry and can be seen in both incandescent and LED lights.
All that said, I would feed an optic lithium batteries, regardless of whether you choose 123 or AA. They have significantly longer shelf life, perform better in temperature extremes, and don't generally spew their contents like alkaline cells occasionally do. Overall, lithium cells are more reliable than alkaline cells.
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