I also believe that taking both is the best option, if weight is not an issue; when dark sets in you can never have enough light. If one light is lost, broken or just stops working, your other light source can do the job. As other posts point out, where you camp, and what kind of hiking is involved to get there and back, are the critical factors to make your decision.
A headband-mounted torch (flashlight) with a beam that's adjustable for intensity and/or spread is probably the most versatile option, but a good headlamp will probably cover all possible lighting needs you may have while camping or hiking.
I prefer devices that use AA or AAA batteries, because you can get replacements anywhere in the world. My latest favorite torch for outdoor activities is the Fenix LD20 (2 AA batteries), but I still take out my old Surefire E2E (2 CR123 batteries) once in a while. However, I like to keep a couple of tiny Photon (NV Green Micro-Light + White Freedom) with two spare batteries and hands-free clip in my pack, for situations when water resistance is not an issue. Their total weight is negligible and they're versatile.