Going ultralight improved my hiking experience so much that I went from "if this is it I don't think it's for me" to "I kind of forgot I had a pack on; anyway what a cool hike". I know it's not for everyone but I cannot imagine bulking up with luxury hiking items anymore.
I do a bit of both. A few UL items allow me to bring some luxury along without being overly heavy.
For example, I’ll bring a hammock or Helinox camp chair. Both around a pound. Having a place to flop by the campfire at the end of a long day is really nice.