I recently wrote this review of a fairly comprehensive NiMH charger. Its fairy detailed regarding the needs of NiMH.
http://www.epinions.com/review/Maha_Powerex_MH_C9000_WizardOne_Charger_Analyzer_for_4_AA_AAA_epi/content_512329485956The Maha is, IMHO, one of the best AA/AAA charger out there that does what its supposed to do, keep cells charged, performs IEC test of capacity and allows user based protocols, for those who have figured out an improved charging scheme beyond those supplied by Maha.
Its a PWM charger.
As for discharging them down to improve their health, which means like new mAH capacity, its called 'reconditioning' or 'restoring', but the cutoff is 0.9V for NiMH. As the cells age NiMH could be unacceptable in a mix of 3 characteristics: discharge voltage, mAH capacity, and self discharge rate. I was amazed I could restore dead NiMH cells back to life, stagnant up to 10 years old, after reconditioning.
Compared to NiMH, Rechargeable Lithium are better batteries for power, W=VI , but they also possess the risk of fire and explosion. Li cost more to make, but the industry has made made no attempt to make it a drop in replacment for AA or AAA, and thus affect its price due to economies of scale from higher consumption.
Li lack packaging standards. Its made in a variety of dimensions and voltages to fit various forms, so again not produced in scale to rival AA or AAA, pack prices remain higher per mAH compared to NiMH. One is force to buy a different pack for different devices, and likewise different chargers for different voltage ratings.
Li is considered 'hazmat' when shipped for commercial use, and given the power consumption of many modern digital devices, NiMH is more cost effective as a power source, limited mostly by its form factor, AA or AAA.