I find hiking canes too inconvenient. My hands need to be free to take a photo … or blow my nose.
But if I had poles that retracted mechanically whenever I wished, … I’d consider them.
Technology is getting closer. Shannon Davis reporting from the Outdoor Retailer show 2010:
Black Diamond’s Ultra Distance Z-pole. These things are unreal–eight-ounce carbon-fiber poles. They will be pricey ($149), and they will come in four fixed-length sizes. The poles fold like a tent pole with a protected inner bungie cord, and they snap to rigidity like an avalanche probe. The Distance model will be $20 cheaper, adjustable, and about and ounce heavier. …
Update: Similar technology in a walking stick. Thanks Daniel.
besthike.com 
I tried these poles last spring when they were under development. Outstanding. The screw-lock, telescopic poles system that all manufacturers use are idiotic – weighs a lot, prone to breaking. These fold down like your tent pole – no moving parts.
If you’re a hiker and don’t use poles, you’re missing out! 😉
Thanks Buzz. Someday I’ll get religion.
… I recall being turned off poles in 1999 when a friend bought a brand new set. Within 15min of starting a 5 day hike he managed to snap BOTH simultaneously.
Walking poles certainly can be a pain, especially when there are short scrambling sections on the trail where you need to use your hands. They do take a lot of weight off your knees, so on balance I find them worth the hassle.
Sometimes when using my poles I get heckled by non-walking folks, who make comments such as “where are your skis?!”
Interestingly, the Z-pole design has been around for a few years in general use walking sticks i.e. sticks designed for the elderly and others who have difficulty walking.
http://www.surplusandoutdoors.com/shop/outdoor-footwear/footwear-accessories/lightweight-compact-folding-walking-637639.html
Weight 308 g (<11 ounces) £6.99.
Maybe a bargain, but not for the high quality brand conscious!