I have a Manfrotto 190CXPRO4 which I'm quite happy with. It's very light and sturdy enough to hold a 5D and 300mm f/4L IS. It's $245.25 on B & H right now, which is probably $50.00 less than I paid for it 5 years ago. Mind you, that's sticks only; no head. It met my requirements when I bought it: light, and it folds up very small. It could be a touch taller extended, but that's a minor issue which bugs me only rarely. My only real complaint is the ball head I bought to mate with it: it's a heavy little bugger. If I'd spent a bit more on the head and got a lighter model, this tripod setup would be a dream come true. I'm not too upset about it. This tripod will probably out-last me, so there's plenty of time for me to get a lighter head.
Which brings me to another point: buy the tripod you really want. Don't cheap out. There's no use in buying one that you'll have to replace in a few years. A good tripod can be a lifetime purchase, if you treat your tripod well. The problem, of course, is that sometimes one tripod cannot do every job equally well. My Manfrotto is an excellent travel tripod, but possibly something else might be better for in the studio. In the studio I'd probably want something a little taller and heavier. Out in the field, well, it weighs 3.65 lbs and has a minimum height of less than 20". I worry about it, though, with the 300mm f/4L IS mounted in a stiff breeze. You have to decide what you really need in a tripod and find the best one you can within your budget.
PS. The best course of action is for you to go down to your local camera shop to see these tripods and heads in person. Like so many things, the right one will just feel right.