Can it be replaced by 2 1.5V AAA batteries ??
Which one would last longer?

 

Yes it could, the life depends on the current consumption, 2 AAA's will have more AH - but a shorter shelf life. Generally Lithium batteries are used for backup purposes at very low current demands, in this sort of application the Lithium will out last the AAA's, simply because the shelf life of an AAA is less - the AAA will go flat when not being used.

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Thanks

 

Hi Patroclus,
It depends on the size and ratngs of your original lithium battery.
A good assortment of battery spec's is here:
http://data.energizer.com/