I'd also tend to suspect that this is a factor. My wife's fairly recent point&shoot cameras have a three-way adjustment for the battery voltage - for NiCd/NiMH, alkaline, and lithium-primary cells. Setting it properly makes a big difference in the camera's willingness to use the batteries. If left on the "alkaline" setting, and loaded with freshly-charged high-quality NiMH cells, the camera will (mistakenly) report low-battery after only a few flash photos when the cell voltage drops below around 1.3 volts. The cells still have oodles of charge, but the camera mistakenly believes that they're alkalines on their last gasp of power.
It's also possible that Rich simply had some lousy NiMH cells. I've certainly seen (and bought, alas!) some that were about as useful as road gravel. They lost almost 10% of their charge per day. After several attempts to use them, and a week-long condition/analyze exercise using a Powerex MH-9000 charger, I decided to just toss 'em in the recycle bin - they were more hassle than they were worth.
My impression is that the steady "marketing war" for the highest rated capacity has resulted in NiMH cells which have a very severe tradeoff for their capacity - very high self-discharge rate. There seems to be a very real engineering compromise - those hydride alloys which allow for the greatest charge capacity, also tend to have the weakest ability to hold onto the charge.