http://thoughts.davisjeff.com/2009/08/02/what-is-the-deal-wi...
"NULL semantics are designed to make you think you understand them, and think that the semantics are intuitive, and think that it’s part of some ingenious consistent system for managing missing information. But none of those things are true."
Any explanation you come up with does not generalize to other cases. NULL is just a bunch of special cases piled on top of each other, and really only kind of works because SQL is not designed to be very extensible (and to the extent it is, the standard doesn't give much guidance on how NULL should behave in these extensions).