This is taken from a post by rakanishu on making a poll on this.
Basically, in the early game, Brass Lantern is a good idea. But what happens when you get an Everburning Torch? Do you trade out the lantern for the torch or not?
I will switch to an everburning torch if I have another piece of equipment that gives light (like a helm of light or a certain pair of gloves). It's nice to stop worrying about oil.
Brass lantern, always. Until I get something fiery, or another eq that generates light, I always prefer a 2 radius lantern to a 1 radius torch. I hate nothing more than to walk right up on an eye or mushroom that paralyzes me to death.
I prefer the brass lantern. Its all about the radius. I dont like floating eyes etc, and i prefer to know where they are before they para/drain stat/kill me...
Ah, hamburgers. The cornerstone of any nutritious breakfast.
I always go with the lantern in the early game. The extra radius is a good defence against floating eye deaths. Plus the torch sells for quite a bit of AU, which is always desirable in the early game. If I have free action, I'll use the torch instead of selling it.