Ron, I bought a pair of rechargeable 123s (NiMH chemistry, IIRC) and a charger at Radio Shack, of all places, over a year ago. I have them in a SureFire incandescent light now, and they've gone through several (but not more than a dozen) charge cycles. Granted that's very light usage (no pun intended) and a sample size of one, but I'm very pleased with them. They have somewhat less runtime than lithium primary cells, but I don't mind that given how much money they've saved me.
As for reliability, I can't speak to that. They haven't crapped out on me at an inopportune time, but personally I still stick to primaries for my bedside weaponlight.