Different battery chemistries have different discharge curves, but yes, all of them drop current and voltage over time....
As quick and dirty as I can make it....
Alkalines - fall a lot in the first 20% of life (to below nominal typically), fall steadily for 60% of life, fall quickly again the last 20% of life.... bright a little bit, then get dimmer, dimmer, dimmer, too dim, time to find batteries, die
NiMH and LiIon are MUCH flatter curves (better)... fall a little the first 10% of life, then hold nearly steady at just above to just below nominal for 80% of life, then fall quickly the last 10% of life... so "brightest for a few minutes, a little less bright for a long time, then 'is my light getting dimmer?' <rapidly dark> crud where are those replacement batteries.... "
Hope that helps, quick and dirty...
Also, under heavy loads, alkaline curves turn RAPIDLY vertical... so it'd be 30% very rapid fall, 40% slightly less rapid fall, 30% freefall. NiMH and LiIon stay flatter under similar load increases, of course they turn more vertical as well, but not nearly as severe.... 20% "faster fall" 60% steady fall, 20% plummet for way of comparison.
Alkalines (even the fancier "titanium/ultra" marketing alkaline chemistries) are the worst for high-loads, NiCd (2.0+C) and Lithium primaries (up to 2.0, pulse up to 3.0C) are best, and newer LiIon rechargeables and NIMH are in the middle. (1.0C/0.5C respectively) Those are general numbers, there is a wide range, but it gives some idea anyhow of how to compare them (there are at least 3x Li-primary chemistries and several Li-rechargeables, with different C capabilities, so consider this only a rough outline).
**EDIT** looking at Energizer's chart, they even have a NiCD line charted at 5.0C... yikes!
Alkaline AA (2850mAh rated at 0.2C discharge; "E2" is rated at only 2900)page:
http://data.energizer.com/PDFs/E91.pdf
NiMH AA (2500mAh rated, 0.5C discharge)page
http://data.energizer.com/PDFs/nh15-2500.pdf
Li-Primary AA (3000mAh rated, can't find exact C rate (max continuous discharge is 2amps (2/3C), with 3amp pulses at a 2/8 duty cycle..., doesn't fall significantly even at 2C on their charts though) page
http://data.energizer.com/PDFs/l91.pdf
(checkout the "high drain" chart comparing to alkaline)
NiCD page (650mAh, 1.0C discharge rate)
http://data.energizer.com/PDFs/CH15.pdf
Of course, none of them have completely matching charts, but with a little work you can make out the differences