Rating: 5 / 5
The Tracer cap has all the features I ever wanted in a backpacking cap. The bill is fully crushable. The hat body is made out of a highly hydrophobic material that dries out very quickly. The adjustments are made by a single piece of no-snag velcro which is very much appreciated.
I think my only complaint would be that I don't really like the big "OR" logo on the front. OR has two sizes, the S/M and the M/L, which can confuse things if you fall into the M category (the S/M hat is shallower than the M/L hat). So given that, there may be some people who do not like the fit of this hat. I think I fall right into the ideal head size for S/M, though, so I'm happy about the sizing.