Like many above, my decision on how much to take depends on the people I'm with, how long the walk is and what the weather is doing. If it is raining, I only take my compact. Snow, I take both. If I'm doing an extended walk solo, alas, I only take my compact. However, if my husband is with me to take the tent, then I take the food and photographic gear, and then I might take three lenses, filters, a tripod, my DSLR and also my compact. I have the compact around my neck for quick shots, and my DSLR etc in the top of my pack for shots in scheduled breaks. Day walks I take everything, although not always a tripod.
In a recent trip in Italy in the Dolomites, I was there solo for four weeks' walking / climbing and had 3.2 kgs electrical equipment. Instead of doubling up on cameras, I only had my DSLR, but walked with it around my neck, tucked into the top strap of my pack. I could grab it and take a shot with almost no delay. I built tripods when I wanted them (out of stone) and used time delay for stability. I fell over at one point whilst travelling downhill (fast) and broke my sternum, but the camera was fine, and that's all that matters