If I'm going out for a multi day hiking trip, I'll most likely bring a stove, in which case a hatchet is heavy and redundant. If I need to split wood, I'll have my Fallkniven A1 with me.
If it's a day hike or overnighter, it's likely I'll be fishing, in which case I've got a portable grill and a hatchet, (Gilpin's- garage sale score) to make a fire.
If I'm clearing trails, a chopper cannot be beat. Khukuris, bowies, and I'm really warming up to the Busse family of knife brands, (ack!).
In any event, I will most likely also be carrying a large locking folder, a slipjoint, a small fixed blade and a multi tool.
I like to have an assortment of tools available to choose from for each individual trip, that way I can customize my kit to my expected needs.
The initial investment in getting enough tools to accompany each pack I use was a little bit, but now that I have all this stuff I don't have much need for any more. But I keep acquiring new tools! When will it end?!