I was going to buy the LaCrosse or Maha MH-504FS after reading tons of reviews. I'm glad that I didn't and bought this instead. First, this charger (not sure about the 2 batteries version) is a smart charger which monitors and charges batteries individually just like the LaCrosse. It is not a dumb timer charger you get for $10 or less. You don't need to worry about quick/slow charges (like 504FS) because it uses pulse charge to charge at a speed that's not too fast to hurt your batteries. Second, this charger costs so much less compared to Maha and LaCrosse. Third, I used these eneloop batteries fresh from the package without charging and took over 200 pictures (about 50 with flash and a few movie chip) with my Cannon A540. I believe it can take more pics because NIMH batteries take few cycles of discharge/recharge to reach full capacity. Last but not least, these eneloop battaries are able to hold the charge when sitting idle for months. Unless you charge the normal nimh batteries the night before, they are no good even if they are 2600 high power ones. By the time you use them, they are only partially charged.
I would recommand you to buy a LaCrosse if you still decide to use the ordinary NiMH batteries because you will need to use the refresh function to get rid of memory issue and the LED to tell you how much charge is left after letting the batteries sit for days. (Oh, I forgot to mention that eneloop claims that it can recharge 1000 times without memory issue.) However, if you decide to use the eneloop, forget about paying extra for Maha or LaCrosse and the normal Nimh batteries and just use this amazing charger and awesome batteries instead.
I bought a new set of Rayovac Hybrid Batteries to see how these compare to Eneloop because they are cheaper. I put the fresh new Rayovac in my digital camera, it works. But when I put it in a LED flashlight, the LED has no light output at all. Later, I put my used Eneloop (after 200 pictures) in it. Guess what? The LED works! Well, you get what you pay.