Chosen-frozen: I make lots of cane-length blackthorn walking sticks and usually have a lighter shoulder length one for hiking. I wouldn`t go on a long hike on rough ground with out it for all the reasons already listed.
If you`re going to make your own out of wood you find in the woods, and you want it to last for years, allow me to offer you some advice.
1) Select a living branch or sappling, not deadwood you found on the ground.
2) Leave the bark on.After you get home seal the ends with paint or wax and let it dry for a MINIMUM of 6 monthes. (One of my friends reccomends a year for each inch of thickness.)If it has any cuves you want to straighten, do it now while it`s gree by binding the stick tightly to something that`s already straight.
3) After it`s dried you can peel the bark then if you want. The point is that you want it to dry slowly so it doesn`t warp,crack, or check.
4) Seal with whatever you like. (Varnish, polyurethane, a few coats of tung oil, I know one guy who uses wax and a heatgun.Swears that once the wood is good and dried it soaks the melting wax right up.)
5) A ferrul or collar at the base isn`t required, but it can keep the end from mushrooming out as you use it, splitting, or soaking up alot of moisture when used in wet terrain. You can buy them on line at wood working sites. Or get a piece of pipe or a pipe end-cap at the hardware store.
6) You might also consider a rubber tip. Drugstores often sell replacement tips for canes, or hardware stores may have tips for chair and table legs.