We analyze both theoretically and by means of numerical simulations the phenomena of filamentation and dynamical formation of self-guided nonlinear waves in media featuring competing cubic and quintic nonlinearities. We provide a theoretical description of recent experiments in terms of a linear stability analysis supported with simulations, showing the possibility of experimental observation of the modulational instability suppression of intense light pulses travelling across such nonlinear media. We also show a novel mechanism of indirect excitation of {em light condensates} by means of coalescence processes of nonlinear coherent structures produced by managed filamentation of high power laser beams.
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