Richard nailed it. It's all about what you're willing to compromise.
The spinning setup – in particular the fly and bubble – is the most successful backcountry setup I've ever seen. I routinely outfish even the fly float tubers and I'm not a magician by any means. More options for what you fish with and way, way more range than any other setup. That said, it's by far the heaviest and least pack-friendly. Also, high quality telescopic rods are very hard to find. I have 3 and none are ideal.
Western fly fishing is sort of a middle ground, depending on how much you geek out on the gear. It can be very light and in the right hands it can have pretty good range. I fish in the Cascades, though, and a backcast is nearly impossible on the lakes out here. Alder, huckleberries, or huge trees all conspire to eat your fly before it ever gets to the water.
Tenkara is a blast, but it's pretty limited on the lakes in my opinion. Most Cascade lakes, at least, have limited shore access so unless the fish are all within 30 feet of the one or two spots you can get to the water, you're out of luck. Of course it's so light and easy to pack that it's an easy decision to take it.
This summer I've been (gasp) taking a UL spinning setup AND a Tenkara rod. Only adds 3 ounces to my fishing setup to include the Tenkara and if I do get fortunate enough to hit the right water it's much more fun to fish with. I'm going on a 6 day trip to the Enchantments in a couple weeks. There's enough open water up there that I expect both rigs to do very well.
Gotta figure out what you are willing to live with – lightweight with limited range or superb range at a x4+ weight penalty.