Question - what other activities do you plan on doing while using the binoculars besides hiking ?
If you want to take them fishing (boat or wading) then make sure you look at waterproof binos - the Nikon ProStaff, the Nikon Travelite and the Bushnell H2O are all waterproof.
If you want to do some serious bird watching, you may want to consider something with better light transmission (e.g. how bright/dark the view will get), like an 8X40 (8 power with a 40mm objective lens) the larger front lens will gather more light during low light levels (dawn & dusk). The down side is that a bigger lens means more weight to carry.
I recommend staying away from any of the zoom binos -they are mostly gimmicks, and the light transmission gets pretty bad when you zoom them up to max power. Also, only the really expensive zooms are waterproof.
Make sure you try out a couple pair of binos to see what power you like. Many folks find that 8X is about the strongest power they can hand-hold comfortably without getting too much shaking due to the magnification; next most popular is the 10X. Keep in mind, the lighter the weight, the more "shake" you will see while viewing through them.
Last but not least, look at the eyepieces - if you wear glasses you will need to adjust eyecups to see the full field of view. On some binos you "roll-down" the rubber eyecups, while better binos have "Twist-up" eyecups. Twist-up eyecups are much easier to use if you will be sharing the binos between people and one of them wears glasses. If you are the only person who will use them then you can go either route with no issue.
I agree with Ard - the Travelites are a good deal at $65 ($15 off Cabelas current price). Based on my needs I purchased the Nikon ProStaff 8X25 binos for when I am fishing from a drift boat or hiking. When my kids were still pretty rough on equipment, I bought them Bushnell H2O 8X25 binos. It hurt a lot less when they would beat up $45 binos vs $100 binos.
Bottom line - try them before you buy them. See what is most comfortable for you and what is the easiest to use for where you plan on using them.