I don't think the channels are fully independant.
I have this charger, and from my own testing, I can confirm that the channels
are independent. You can charge 1-4 cells, different capacities and different depletion levels. Each channel shuts off when it's done charging its individual cell. It's easy to tell, because you can feel each cell cool down when it's done.
I don't use it much, though. It does tend to make the cells hotter than my regular charger (Accumanager 20, which tops out at 700mA). But they only get hot near the end of the cycle. Quick to charge, though, and I like that it's portable and even has a 12v plug if you're car-camping and need to recharge.
It's a great back-up charger. Certainly worth the price!
Edit: additional info:
I tried it at the low setting (1000mA) to charge 3 completely discharged Eneloop 1500 AA cells. They didn't get hot at all, so it appears that the low setting is comparable to my regular charger. It took them from 2h:15m to 2h:25m to finish. As they finish, you can hear the the charger make different sounds, so I know they charge independently.
The low charge is a 0.5C current. The high charge is 1C. They're definitely hotter at the high setting, but still very comfortable to hold. (Maybe some would consider that warm, not hot. My definition of warm is about body temperature.)
Maybe I'll use it more often.