There was a period once where it was ending up at 5-10% at the end of the day, however that seemed to be the fault of some app in the background that was apparently thrashing. Powering off then re-powering on the watch got it back up to lasting ~1.5 - 1.8 days on a charge, and that's not recurred since.
That said, I'm also a bit disappointed that Apple isn't pushing for the watch to be able to last 2 to 2.5 days on a charge, to cover the occasional case where you forget to charge it one evening.
Again, may be worth powering off then powering on the watch. In my case, again, something was clearly thrashing in the background and eating nearly an extra 40% of the maximum battery capacity over 16 hours. It's only happened once, but restarting the watch (in which presumably the process was killed then restarted) resolved the excessive power usage.
So far today I've been up since 6AM. It's 11 hours later. I've done a 7.2 mile walk (as an exercise). I have 69% of the battery remaining with another 6 to 7 waking hours left in my day.
Is there anything special about the hiking part of your experience? I had the watch on 2 hour bike rides and other workouts of similar duration without trouble - I can't see how 4 hours might a be a problem there.