Well there is backpacking and then there is BACKPACKING! The Woodsman's Pal might be a little heavy for most outdoor backpacking trips. It would depend on how long you were going to be out, and how much weight you can pack. Most day and even week trips can be accomplished with nothing more than a 7" blade or possibly a light hatchet like the Gerber Backpax. For serious long treks I now carry my ATAX (from Hoods Woods) which I can convert to an ax in short order. This conceals inside the pack or on the belt for a much more PC appearance in the "public" woods.
As I understand it the Woodsman's Pal was designed to be carried by folks as they travelled in vehicles for emergency use, or by those individuals who engaged in woodswork on a daily basis. As a brush clearing tool it has few equals and would suit for any camp building chore. It is however big and heavy...