I sometimes hike with my Canon S3 and I use a Lowe Pro Rezo TLX 10. It seems to work pretty well and doesn't drag my pants down. I use a 58mm adapter tube for my S3.

My real backpacking camera is my Pentax Optio W20.

http://products.lowepro.com/product/Rezo-TLZ-10,2016,8.htm