>>573888The lore goes that AAA's are better for EDC because they're smaller and lighter. People who buy AA's tend to go for CR123 lights. The big reason for carrying a AA was that a lot of your other devices used them, like cameras, CD players, some PDA's, etc. Nowadays they're all rechargeable via micro USB so that argument's moot. Also, as the lights got better, AAA lights gave you plenty of lumens and plenty of longevity.
What you lose from a cheap light are:
Modes: You usually don't NEED 150 lumens, and sometimes not even 30. So you get three modes: turbo (100+ lumen) for when you really need it, moonglow (<3 lumens) for when you need a very small amount of light in a camp or tent and don't want to lose your night vision, and then 20-50 for in between situations where you need working light but not a crack of doom.
High-end lights have power protection, which is a very good thing. Batteries can expand or explode in a high-lumen light, and cheap lights don't protect vs that. Also, unregulated lights are only bright when you first stick the battery into it.
Finally, there's durability. Waterproof/shockproof/ good knurling that won't scratch up the other crap in your pockets.
There's room for a cheap light in your gear, but a medium-end light is an EDC item you'll use a lot and you can get a fine one for <$50 so why not splurge on something that you'll use every day?