Three standard AAA NiMH batteries (3x(1.2v x 800mAh) = 2.88 Watt Hours) have LOWER capacity than a single standard CR123a battery (3.0V X 1200mAh = 3.6 Watt Hours) or a decent rechargeable CR123A (3.7v x 800mAh = 2.96 Watt Hours).So,-Lower Capacity-Much larger in size, requiring larger bodies/lights-Higher weight-Odd number of batteries-Battery holder is another item to get lost or brokenPlenty of reasons. With more mainstream options like the Maglite Xl50 and Xl100, the last is an even bigger problem than you might suspect, as the battery holder is unique and can't be replaced easily.
But hold on... How does that comparison work out with 3 standard alkaline AAA Duracells or Energizers as compared to the Surefire red bulk 123s or whatever I should be buying instead that I don't know about? At 1.5 volts and (I don't know the mA rating on those) is it much of a difference? I used to race R/C cars so I know the battery lingo but only as pertains to the sub c 6 cell packs of 10 years ago.