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 the observation of modulational instability suppression of intense light pulses traveling across such nonlinear media. We also show a mechanism of indirect excitation of light condensates by means of coalescence processes of nonlinear coherent structures produced by managed filamentation of high-power laser beams