ChopperBill,
As someone else pointed out, the nominal voltage depends upon the materials used to create the battery, that is, it's chemistry. NiMH/NiCd = 1.2V, alkaline cell = 1.5V
The NiMH (and older NiCd) work best in applications in which high current has to be supplied, but terminal voltage isn't that critical (motors, cameras, camera flashes). The traditional AA batteries put out a higher terminal voltage but generally can't match the sustained current draw of the NiMH. Plus the advantage of the NiMH is that they can be recharged hundreds of times.
RJsfishin,
There are numerous materials which can be used to make different terminal voltages, but due to capacity/cost/etc. only certain chemistries become viable and common. For instance, there are 9V NiMH batteries. An alkaline 9V battery consists of 6 separate 1.5V cells to create the 9V. (The cells are placed in series to boost the voltage.) However, the NiMH 9V batteries may consist of 6, 7, or 8 separate 1.2V cells for a total terminal voltage of 7.2V, 8.4V or 9.6V respectively, depending upon the manufacturer.
9V Rechargeable Battery ComparisonHere's an interesting
Battery Guide which helps tabulate and summarize the differences.
Hope this helps.
~Rick