Both! .... not both at once. They have pretty similar capabilities when they are roughly the same size and weight and so there will be people who just prefer one over the other or the unique capabilities of one are more appropriate for where they live. When I think large knife that could do small axe duties 10 inches of blade is about as small as I picture as long as it has some blade weight to it.
gransfors_aranyik by
city_ofthe_south, on Flickr
This is an Aranyik e-nep K-1 - they aren't wildly thick but put so much weight forward that it splits similarly to the little axe without batoning in small stuff, but eventually the axe will split better as you get into larger/harder wood. I think it's probably an energy saver for this reason. Beating on a hunk of steel with a wooden stick is somewhat fatiguing to your body parts, but also requires more effort. Once you go to an even bigger axe it's just a wood processing win - using it correctly, the axe does almost all of the work. If you are just hunting and adventuring for 3 days from the same camp, then I would take an axe and I'd even go bigger than this Small Forest Axe ... but that's probably just because I like axes.
This is an axe that I cut out of a badly damaged head that was given to me. It's just under 2.5lbs and about 3.25lbs on the stick. It's essentially a boys axe. It will outwork either of the above two, and I don't think it would be too heavy.
keenkutter_hedgepile by
city_ofthe_south, on Flickr