Dan. I'm no electrician but I've been using rechargeable NiCad batteries for various purposes for a long time. The main difference between the standard alkaline & rechargeable batteries is the voltage. Most rechargeables are 1.2 volts as opposed to 1.5 for the standards. I remember when we first started using them in R/C transmitters this meant using 8 NiCads instead of the usual 7. There are also various different types - available in various capacities.
The latest rechargeables are NiMH. These are more environment-friendly as they contain less cadmium than NiCads & also have slightly different properties. There's no reason why you shouldn't try rechargeables in a torch but they might not give such a bright light or last as long as ordinary alkalines.
I found this site which should tell you all you wish to know about rechargeable batteries.
http://greenbatteries.com/[quote]Can NiMH batteries be substituted for alkaline batteries even though they are only 1.2 volts?
There are a couple of cases where there actual voltage difference may be important to you.