don't even consider aluminum when hiking.
Best budget hiking solution( Cheaper, quality Carbon Fiber setup for hiking): Slik 614 + bogen 488 rc2. Will run you about 300 bucks. It's light as a feather and extremely portable.
Nearly the best (read, top of the line quality & functionality): Feisol 3441 + Acratech Ultimate Ballhead. The legs are pretty close to Gitzo in quality and functionality--extremly well made and very durable. can support about 13lbs, folds up to 16.9 inches, is about 55 inches without center colum extended, head + tripod weigh about 3 lbs. Will run you about $650 bucks.
Absolute best: Gitzo Travelor or mountainer + Ultimate Ballhead. Sell your house, kids, and wife, cause it's going to cost you over 1000 bucks.