In my opinion, the answer is both. I know how much weight my fiancee can carry and for how long. I know I can only carry one backpack, but I can carry one backpack, one duffle, and one roller. I won't be happy but I am able to do it. Plus the water willl reduce itself over time. I will be one sore person, but like all things I will not die of excessive baggage. I will die from lack of water however. At the end of the day I agree with randjack, it is all about the options.
Marc