Today's 18650 flashlights are more useful for better runtime and brightness. They are work horses for professionals.
For collectors, especially those just first dipping their toes into collecting lights, and only in my experience, AAA flashlights usually more often nail all the finest quality (except runtime and brightness) that those that know what they're looking for are looking for, such as, not always, but more often (or at least easier to find) use CC circuits, are small enough to use exotic metal hosts without mass/weight being any issue, are regulated, have constant brightness, and are available with high CRI emitters. Also, today's AAA flashlight outperforms in runtime and brightness the flashlights we grew up with, and even the professional's 18650 flashlights from just a decade ago (the incans, at least), and they are a really good value for the comparitively low cost, and thus easy to gift.
I think CR123 lights are a hold over from when the market wanted a brighter flashlight without giving in to a larger format... single cell CR123 flashlights are about pocketability, and max brightness.
I'm going to have to completely disagree about OP lumping AAA with AA. IMO, AA flashlights seem to be the ignored and red-headed stepchild of the flashlight world. Certainly, there are plenty low quality AA lights out there, but in looking at high end flashlights, AA format seems to be added an afterthought. The lights I've seen do not appear to be designed around the AA. I want AA flashlights, and I am having exteme difficulty finding all the qualities I want in them, when AAA, CR123 and other formats, finding what I am looking for is pretty easy.
AA flashlights need attention, as an ends in themselves, and not the hand-me-down treatment from other formats they seem to be getting.
Maybe OP has the holiday blues? Is everything bugging you? Or just this?