I thought so. I've heard of people putting normal batteries in the freezer to keep them usable longer, but it wouldn't work for nicads, but I don't know why.
Well, from my experience, cold kills all forms of batteries but with the new Li-ions I don't have any experience. I tell you it does shorten the life of my dewalt batteries.....
I was at the top of one of the mountains at Sunshine Village last year (approx 89000ft and it was -28C).. I had a fully charged battery and was only able to take 3 shots!!