Those chargers that they sell are cheap as dirt and get the job done, that's why they don't make one with a light that goes from red to green... they wanna maximize their profits. Same reason they don't give us 2700mAh NiMH batteries instead of the 1600mAh batteries that come with the Explorer and E-Trac. 1600mAh is good enough for an all day hunt... why give us more than we need for free? Well, I certainly wouldn't mind a little extra capacity, but I'm not paying $80 for another 200mAh of capacity.
The charger just trickle charges the batteries, which is why it's OK to leave it plugged in past the time required to charge the batteries. The batteries will become warm as they charge and heat up towards the end of the charge cycle, usually after they get to about 70% charged.
I design battery chargers as part of my job, but I still just plug in the pack overnight just like the manual says... it's good enough for an all day hunt the next day.
If you really want to measure the voltage, it should be about 11.5 to 12V (or higher) if they are charged, vs. 7.2 to 8.8V discharged.