After using a friend's on a hiking trip up to a mountain lake I ran out and bought a Diawa mini-spin. It's great. little 5 piece rod you can get with either spinning or spin-cast reel. It comes in a small plastic case that easily fits in any backpack. it can handle up to 6lb test. I got mine from WSS for around $40.
Only one peice of advice... tighten the screws on the reel when you buy it. I didn't and one came off after a few uses and I was done fishing for the day. But other than that it's been great.
Here is the cabelas description and rating:
http://www.cabelas.com/p-0010505116344a.shtml