In my opinion and experience, cost is not really the point when hiking, weight is.
That being said, I chose the 1xAA Fenix HM23 and E12 for my backcountry kit, and I carry a spare battery for each.
Hiking at night is not something I really care to do, but if for some reason I find that I absolutely need to walk in the dark, the combination of my HM23 and E12 will have to do.
If I really thought that having a high brightness headlamp was worth the encumbrance, I'd get the new HM70R, which will run at 500 lumens with a flat brightness curve for over 5 hours before falling off.
But, having 206 g of headlamp pressing into my forehead is not exactly going to be comfortable. The HM23, by contrast, weighs just 58 g with an L91 battery, if you count the extra battery, then that's 73 g.
Even if you include my E12 and two more batteries, that's still only a total of 57 g more, or 130 g for two lights and four batteries, less than half of which would actually be weighing on my noggin. And I'd have redundancy, as well.
There is such a thing as overdoing it.