I've shot everything from Minox to 8"x10" and you can apply the same rules to photographic equipment that you do to any of your hiking gear: keep it simple--- take the minimum needed to accomlish the goal. Not a bad philosphy for life in general, IMHO.
If you are going to go hiking and want to make images for sale you have a different goal than someone who wants a record or memory of the event. If you want to make 16"x20" prints, you have a different goal than someone who wants to illustrate a Web page or a book. Fine art image making might find you with an 8x10 view camera or a Diana plastic camera or anything in between-- there you are picking the equipment to give the vision you want to present. So take what you need for your purposes and keep your head.
No need for guilt with any of them. I personally find it better for my head and my images if I keep things simple. A day spent with a 35mm slr and a short zoom or a fixed focal length lens is usually more productive than hauling a bag full of lenses and spending too much time fiddling with gear. BTW, I share Ron's preference in a 35mm focal length lens on a 35mm camera. If I am trying to cover an event, three lenses are plenty.
I haven't shot much film in the last few years as most of my stuff is for a Web page or just personal records. Digital cameras are doing the job nicely for me. I just got a Canon SD200 Digital Elph and it will take care of my hiking needs nicely-- small, light, inexpensive, easy to use-- all the atributes that George Eastman tried to build into his Kodak camera 118 years ago (his technological leap was roll film).
Check out the SD200 review at http://www.dpreview.com/news/0409/04092102canon_sd200sd300.asp . Mine weighs 4.8oz/135g with battery, memory card, and a bit of reflective cord for a wrist strap. I have a little Z20 LowePro case that I picked up in a thrift store for 99 cents that has more than enough room for the camera and one of the REI UltraPod tripods can fit in the outer pocket. I added a Black Diamond Micron plastic wire gate carabiner to the belt loop rather than use a strap. The whole kit is 8.5 ounces. I could get a couple ounces off by using an Aloksak for a case.
The only thing I don't like about the mini digital cameras are the batteries. There isn't much choice though-- it you want to get a light camera you have to put up with proprietary rechargable batteries. I ordered a couple spares on Ebay and they are only 0.5oz each. Most of my trips are 2-3 days, so it isn't a big problem for me. Three fully charged batteries would take me a long, long way.
If you are looking for a light 35mm camera, I like the Olympus Stylus a lot.