I also think it's not just the amount of time it lasts but how long your optimal voltage is sustained at a high level. My personal name for this is the "Drain Curve". (think i've seen charts on this somewhere too.)
What happens for me is that with the smaller batteries like 14500 or 16340 is that while I might get 4-6 hrs of use out of the battery before it shuts off, if I take a multimeter reading every hr during that time it will show the battery dropping below the 3.9-4.0 area very quickly..usually within the first hr. On the other hand I get about 6-7 hrs usage within that voltage range on the 18650, maybe hitting 3.8-3.9 by late nite when it hits the charger.
The end result of this is that my smaller batteries tend to give me more atty and juice trouble because they basically at some point are not as efficient in "burning" the juice. So the first hr I'm
vaping away..happy as a clam..then top off again and bamm..flooded atty or vapor production drops noticeably..etc..that kind of thing. With the 18650..it stays very consistent and dependable throughout the day. It also drastically extends my atty lifespan because it's not getting clogged and flooded all the time.
On the other side of this discussion are LR and HV atties..but for the most part I use stock 510 and 901 atties and also cartomizers. I don't really want to expend extra money for the LR/HV stuff because it's just too sensitive and I prefer to take nice long draws without risk of blowing my atty. However you can "fake" the longer drain curve of the 18650 with the smaller batteries using LR/HV attys and still get that extended
vaping experience and consistency.
In the end..it's still a personal choice. Hope that helps.