Frankly, high power is over rated. I say this because I learned to hike at night when there was no such thing as a high powered light. Most of my hiking was accomplished with a carbide light,adjusted to a moderate flame and equipped with a parabolic mirror for somewhat more of a "throw" type beam. Often I did not use even that much light - it is amazing how well you can see once your eyes are dark adapted. In situations where the moon was out, that was plenty of light- no need usually for any kind of light. CAUTION: This would not be the case if you are hiking in precipitous country. A light could well be life saving in that situation.

I have been using a Zebralight H502 while bike commuting and I like it a lot - well made, light, and plenty of light. While I use at its highest setting (170 lumens) while on the bike, I would keep it at lower settings while hiking. It would be handheld most of the time so that I would maintain decent depth perception. I also have a Gerber Ultimate Infinity which gives a moderate lumen level (25 lumens or so?? for a very long time. That would also be a very acceptable fairly cheap option. It could easily become a headlamp f you use a Nite-Ize headband or similar.