I spent a while hiking in cheap Asics Hypers XCs. The soles are still usable, in my opinion, though the uppers bear a closer resemblance to some sort of sandal. They were great while they lasted, lightweight, didn't interfere too much with a proper stride. My only caveat was that the rubber had absolutely no stickiness, so it was slick on smooth surfaces.
The summer spoiled me, however; I did nearly all my hiking and running barefoot, learned that toes work sort of like stubby fingers, and can no longer really deal with narrow toeboxes. I coughed up for a pair of Inov-8 Baregrip 200s when it was time to hit the mountains, and I've been pretty well in love ever since. Too bad the uppers are wearing already.