This difference is because alkaline has 1.5 volt unloaded and this voltage will drop when loaded.
NiMH has 1.2 volt when loaded.
Good point HKJ, but I think really, the difference here is that alkaline cell voltage is determined under a much lighter load than NiMH cells.
Actually, an alkaline cell will read close to 1.7 Volts OC, when new. The "1.5 Volt" is derived from alkaline cells being tested under a relatively light load, such as 100mA for an AA alkaline. NiMH cells on the other hand are rated for voltage under a typical 0.4C load, or 800mA for a 2000mAh NiMH cell, thus causing considerably more voltage drop under load.
I posted about this in another thread recently. I'm not real sure about the accuracy of the test figures I stated, but I think they are relatively close to what is used, and demonstrate in part anyway, the difference between alkaline and NiMH cell voltage ratings.
Part of the reason there is such a difference between how alkaline and NiMH cells are rated, is because alkaline cells are pretty much by design, used for low current drain devices. NiMH and NiCd cells on the other hand, have pretty much always been designed and used in higher drain devices like power tools, radio transceivers etc. that have higher current drain. This is reflected to some degree, in how their "nominal" voltage is derived.
luke_DF, I'm not going to steer you one way or the other between lithium primaries and eneloops. Both are good choices for reasons others have already stated. Either of them will handily outperform alkaline cells. Those aren't worth the effort IMO and, as you mentioned, they leak.
Dave