my question to you is.. what kind of environment do you hike/backpack?
i live in bc (one of the best places in the world to live

) and i hike multiple environments.
when i'm hiking in the woods i like to take a fiskars 14" hatchet and a mora clipper total of those two cost me below 60 bux canadian.
lately i had a bit of money come my way so i carry a grohmann R4S (about 100 bux canadian) fixed blade with my fiskars hatchet and i must say that the grohmann is simply a stunning knife. many other members i know (normark and fonly

) will support that the grohmann R4S is an awesome outdoors knife.
when i'm out hiking along the coast line i usually am carrying a small fiskars 6 inch retractable pruning saw (20 bux at my local crappy tires), plus an sog seal pup elite (used to carry the seal pup but recently upgrade by means of a gift).
regardless of environment i always take either my leatherman pulse or my swiss army one hand trekker just as an extra. never know when i'll need them
raylaconico mentioned about the endura. i own the spyderco endura 4 and its by far my favorite folder. i've batoned through chunks of drift wood with it to start fires and it works great. +1 for the endura
try searching around the wilderness forums for "psk" or "bob" or "go bag", a.k.a. emergency survival kits.
many people here have well thought out kits and would be a great asset for u to take a quick look.
some advice i can offer into backpacking and hiking would be is to try and find someone who has some experience and go with them and observe.
books such as the SAS survival manual and the US army field manual are places you can start gathering info.
if you have family (i.e. kids, wife) go camping with them, its a great way to work on your skills while enjoying time with the grunts
heres a link to a collection of army field manuals which might get you started
http://www.globalsecurity.org/military/library/policy/army/fm/
other then that i think your set.
happy trails

cheers.
jca