Lately, I've found myself carrying a larger saw (Sawvivor) and either small hatchet (like gerber backpax) and/or fixed blade. The saw is faster and safer than an axe (I've even used it to clear a trail of a fallen tree while snowmobiling). The hatchet or fixed blade is just used for batoning what I've cut with the saw into smaller pieces (often to reach the dryer center of the wood for kindling).

While I feel like I could eliminate the hatchet and just carry the saw/fixed blade combo; I do like carrying the hatchet since it stops me from destroying the edge of my knife (or possibly breaking the blade) and it makes an ok hammer. Plus the saw is a much more specialized tool than the hatchet. The hatchet can cut, chop, slice, and scrape; while the saw is only really good at...well...sawing.