I'm always torn. I like axes and hatchets, use them, and own a whole range. They're the original multitool (hammer, cut, chop, dig, split, pull nails if it's a shingling hatchet).

In a difficult situation, I would be happier to have one handy (preferably one that can take outrageous abuse). But that's tempered by the injury risk. Even highly experienced users will tell you they've had a lot of close calls. A wound caused by a hatchet or axe, or flying debris, is not trivial. Fatigue and stress increase the risk.

The longer the handle, and the heavier the head, the less chance of injury. This is counter-intutitive, but it lets you set up a safer swing zone and guide the head accurately instead of forcing it. Light, short handled hatchets are the worst.

As noted by others, when on foot I can rarely justify the weight. I carry a saw.

Hope that helps.

Here are a few old threads to look at as well. Kind of cool to hear from members from way back.

http://forums.equipped.org/ubbthreads.php?ubb=showflat&Number=124226

http://forums.equipped.org/ubbthreads.php?ubb=showflat&Number=121384&page=1

http://forums.equipped.org/ubbthreads.php?ubb=showflat&Number=146074&page=1

http://forums.equipped.org/ubbthreads.php?ubb=showflat&Number=173871

http://forums.equipped.org/ubbthreads.php?ubb=printthread&Board=1&main=10608&type=thread