I'm as pale as can be and never hike without long sleeves. I have Pearl Izumi bike sleeves that I use on the bike and in cold weather, some of the Moeben sleeves (from zombierunner.com), and a pair of Zensah compression sleeves. The Moeben sleeves are really nice, but the Zensah sleeves are my hot-weather favorites. They're pretty thin, stay up well, and pack down to nothing. They also sqoosh down nicely around my wrists if I'm not too worried about the sun for the moment but don't want to take them all the way off. I highly recommend either them or the Moeben sleeves.
I'm going to lose girl points for saying this, but the sleeves work out a lot better for pit-drying issues. I also like the flexibility of being able to pull them down a few inches if my hands start to get cold to cover my fists. They're really, really useful pieces of gear.