A battery is dead when the chemicals that get used for generating electricity are all used up.
The problem is that most all loads require a certain minimum voltage to operate, and as the chemicals get used up the battery voltage will drop. Then the battery has internal impedance, which means that the output voltage will get lower as the load current increases. On top of this, the internal impedance changes as the chemicals get used up, generally the battery impedance goes up as the battery gets used up.
Loads like digital cameras are 'high drain' loads, simply meaning that they call for lots of current at least some of the time. If the internal resistance of the battery causes the voltage to drop below the minimum needed, then the camera claims that the battery is all used up. Since most of this drop will be caused by internal impedance, measurements of the 'open circuit' battery voltage will tell you little about the state of charge of the battery.
For 'high drain' applications that take AA batteries, I highly recommend 'low self discharge' NiMH batteries, and have good experience with the Sanyo Eneloop brand. NiMH batteries have a lower open circuit voltage than alkaline batteries, but they also have a much lower internal impedance, so the net voltage under load is actually higher. The low self discharge is important because you might have your batteries sit for a month or two before you need them, and regular NiMH batteries (with nominally higher capacity) will have discharged without any useful output.
-Jon