The most you can deplete a ni-cad battery's full-charge voltage, by
subjecting it to less than perfect charge/discharge cycles, is a measly
5%. Can you name a battery-powered gadget that won't operate at 95% of
its design voltage?

You seem to ignore that a battery under load may measure a different
voltage that you example above. Read below.

So Ni-Cads are perpetual voltage?

I don't really think you think I said that, so why are you saying it?

You suggested that a no load Ni-Cad at 95% voltage will run any
consumer device. It won't if the device draws a sizable current and
the Ni-Cad is in poor condition because of to many recharge cycles, or
repeated light charges. A N i-Cad in this condition will look good on
your voltmeter but will fail in use because of an immediate voltage
drop upon actual use.

95% of voltage is NOT 95% of capacity.

I didn't say that, either. Capacity is rated in milliamp-hours, usually.
But a *full charge* is indeed measured in volts, which is what I said.
It's going to be difficult to have a discussion if you twist what I say
to suit your own reasons for postulating a different point of view.

And milliamp-hours diminish with a poorly treated Ni-Cad. That is why
I pointed out that your no load 95% voltage Ni-Cad measurement is
useless. It doesn't tell us anything about the actual capacity.