I'm in the Maha C9000, external charger camp. You set the charge rate (typically 0.5 x battery capacity, or 1100 mA for 2300 mAH batteries). The charger monitors your batteries and quits charging when appropriate. It's not based on time of charge.
The C9000 has a number of useful features. It charges each battery independantly. It can cycle the battery through discharge and charge. This allows you to get back battery capacity in some cases. It can also characterise the battery so you know how many mAH it actually has, or when it's reached end of life.
I bought the C9000 originally for use in my digital camera that uses AA's, but it has shown itself to be a good investment for charging batteries in general. I now use rechargable AA's in almost all of my gear that requires AA's. I do keep a few sets of alkaline AA's around for emergency use.
Thomas Distributing is a good place to buy the charger and batteries from. Keep and eye out, they run deals on C9000 with batteries.
I also agree with buying good rechargables with low internal resistance, such as Eneloops, etc.