The other posters have described Nickel Cadmium vs Lithium Ion as well as it can be stated.
NiCad chargers won't charge LiIo batteries and vice versa. If you'll be getting another similar tool in the future, charger clutter can be reduced by choosing one battery type and sticking with it.
You seem willing to turn loose of the $60, so I vote Lithium Ion.
The 18v Makita 'hybrid' is my first LiIo and was bought about a year ago. It's a combo drill/impact driver/hammer drill. The Hitachi 12v impact was bought 2004 - great NiCad battery performance, just recently had them rebuilt. Other cordless drills and impacts going back to the '80's are all 12v B&D before they turned DeWalt yaller, and 12v Dewalt's which batteries interchange with the B&D's. Great NiCad battery performance with them, too.
Before that, a couple of 9.6v Makita's - they weren't much and are long since retired.
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