I use a small, high quality monocular for hiking, mostly to find trail markers. I have some 7X50's for bird watching, but you are right, they are very bulky.
When you are buying, don't forgrt to hold the binocs away from your face and look through them! wiggle them a bit and see if you can see a "Diamond" shape through the lens. If you can, that is bad. it means the lenses are out of alignment, and you will get a fuzzy edge while viewing normally. Pick up a cheap pair of opera glasses or low end binocs and you will instantly be able to see what I am talking about. This does not just affect clarity, but light transmission as well. you might have to go through a few pair to get one that is properly aligned. The Japanese and german lenses seem to be of higher quality control than the others.