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[Updated on Dec 23, 2013] Energizer has changed this Energizer Value Charger package several times since my original review two years ago. The old version contains the Energizer CHVCM value charger, and four 2000mAh rechargeable NiMH AA batteries. The newest version now ships with the "New and Improved" CHVCM3 value charger, plus four 1300mAh batteries. Both CHVCM and CHVCM3 have the same limitation: they can only charge in pairs. That is, either 2 or 4 AA/AAA cells at once. This is most inconvenient when you have appliances that require odd number of cells. If you charge one empty cell and one full cell as a pair, the later will be badly overcharged. Even if you only use rechargeable cells in pairs, their capacities cannot be exactly the same, so the cell with lower capacity is inevitably over-charged. In the long run, over-charging of batteries leads to reduced capacity and shorter lifespan. - The old CHVCM is a timer-based dumb charger. That means it simply charges at a fixed current (300mA for AA) for a fixed time, regardless of the actual capacity and status of your batteries. - The new CHVCM3 is a 'semi-smart' charger. It monitors the status of each pair of batteries during charging, and stops automatically once the pair is fully charged (a real 'smart' charger is supposed to monitor the status of each cell). - The CHVCM3 only works from 110V AC, so it is not suitable as a travel charger. For that you need one that accepts 100-240V AC, and faster charge time. - The LED indicator light is Red when charging, Green when done. It flashes in case of bad cells. The included four Energizer AA rechargeable batteries have very low capacity of 1300mAh. They come in light-green wrappers, perhaps to distinguish them from the higher capacity Energizer Recharge 2300mAh AA batteries. The problem is that their capacity numbers are written in fine prints, so most users will not know the difference. If you combine different cells in a set, the lowest-capacity cell will drag down the overall capacity. Given the present low price of this package, it may be worth considering if you need some low-capacity cells for light-duty appliances. Just remember that you need to recharge them 50% more frequently, and be careful not to mix them with regular-capacity batteries. Finally, If you are looking for full-capacity pre-charged NiMH batteries, my top recommendation is the Sanyo eneloop. If you need a real 'smart' charger, consider the Sony BCG34HRE. [Update on June 21, 2014] Sony has discontinued the excellent BCG34HRE I recommended above. One inexpensive alternative is the iGogreen Green Energy Battery Charger Rechargeable Alkaline Batteries. This charger can recharge NiMH in addition to alkaline cells.