For some reason, when I read post #13. I thought I saw a mention of a calculation when there isn't.
I looked back over the thread and the only thing I can think of is that the AND operator is requiring the NZ function. Without the NZ function returning all of the records, it can not evaluate each statement in the expression. In other words, it must first retrieve all of the records and then evaluate each join, independently.
This is just a guess but would help explain why one LEFT join works over the other.