Lugging your DSLR around

[Oman Profile Website 14er Peak List (57)]

I'm also trying to find a solution to carry a my dslr: rebel + 70-200 telephoto lens (f4). If anybody has solved this conundrum, do share please.

I ski with a Clik Elite chest pack. Works fine for hikes, too, though you feel a little like you're wearing a Baby Bjorn. You put it on first and wear your backpack over it. Quick and easy camera access.

[Bill Cummings Profile 14er Peak List (31)]

+1 on the bandolier technique

+1 on wrapping & stuffing your camera until you find your "wow moments"

Also: Take a good look at the Canon G12.
http://www.bhphotovideo.com/c/product/734743-REG/Canon_4342B001_PowerShot_G12_Digital_Camera.html
It's Canon's top end point-and-shoot, takes great pictures, small and lightweight, 10MP, shoots RAW (as well as JPEG), accepts filters, and has a good tele capability. The downsides are its kinda small sensor size and limited wide-angle capability. It should be fine for just about anything short of taking pictures for sale or big blowups. If those are your concerns, the decision is already made--lug along the best DSLR you can afford and keep it on your neck.