I like the Meopta very much. It does compact down very well--it gets pretty small for a 75mm spotter. Here it is (with eyepiece on) with a 300 RUM round for size comparison:
Of course there are smaller spotters out there that are easier to pack, everybody has to make his own call there. This one seemed to me like a good compromise in optical size/quality vs. packability. The extend/collapse nature does come at the expense of being 100% sealed submersible waterproof though, which is something to keep in mind. I soaked mine really well once already by leaving it out and set up overnight (duh me!) to find it dripping in dew the next morning. It dried out just fine with no fogging or anything of the sort.
The fact it doesn't need a case--you can just put the caps on, strap it shut and throw it in your pack, a saddle bag, the back of your truck, etc, really aids its packability IMHO.
The view through it really is brilliant--don't let the recording through my crappy camcorder (especially in such low light) fool you as it really doesn't do the scope justice.
And of course there's the reticle which most wouldn't find of much use for hunting but I find so useful for other things. If you want one you have the Leupold Mark 4 or a Zeiss for a lot more money as about your only other choices until US Optics' new one is available.
About the only other criticism I'd have of it besides the waterproofing is they eye relief is a bit short. It doesn't bother me looking through it but I can't seem to get the full FOV with cameras--which could mainly be due to my incompetence with cameras....

I really like the big FOV with that eyepiece though--as big as most 20X spotters. It sure makes it easier to find what you want to look at.