To be pedantic, no consumer batteries have a 'memory'. The NiCd 'memory effect' is a laboratory curiosity not seen in practice.
That said, NiCd batteries do, under some circumstances, appear to have 'memory' - but this is primarily because of low-grade chargers and inadequate battery charge management.
For drills, NiCd is a much better choice than NIMH because they are much more tolerant to abuse: overloading, overheating; dropping, etc.; and because NiCd can deliver much higher bursts of power (even though the total energy storage capacity is less). Modern high capacity NIMH are physcially quite fragile, and dropping one even a couple of feet can seriously damage the cells inside leaving them unable to hold a charge properly.
That said, the performance of new lithium nano-technology batteries is amazing. The B&D VPX series use the latest 'nano phosphate' technology, and there is no technology that comes anywhere close to it on the market. Power burst handling far ahead of NiCd. Cycle count far ahead of NIMH. Shelf life and charge retention way ahead of Li-ion.