I've had telescopic spinning rods in the past and never spent more than £20 and done quite well using them. Trouble with telescopic rods is that they're easily damaged one has to be quite disciplined extending and collapsing the rod to get the most out of them. They all break eventually, usually the tip.
I don't bother with telescopic rods these days myself as I'm more into fly fishing and I haven't yet cast with a telescopic or multi multi piece "travel" fly rod that I've found satisfactory, but telescopic spinning rods aren't that action critical and even a cheapy is handy enough for someone on an occasional mission looking to take a rod with.
I think spinning reels and lines are by far the more critical bits of kit to think about in a spinning set up, in a spinning set up the reel; IS the business end. A good reel needn't be expensive and good line is usually not much more cost wise than the crap stuff. Also a half decent reel, if looked after, will usually out last several low cost telescopic rods, mine have.
I've a pal who has the most ridiculously small spinning rod that actually fits in a pocket, made by shimano, the short 8" handle comes off and being the same length as the collapsed rod sections, makes for a tiny package.
I was rather skeptical when he bought it thinking it more gimmick than practical fishing rod and was even more surprised to learn that he'd managed to land a 12lb salmon with it, although my other pal who was with him at the time reported that the whole episode was rather comical, but he held onto it, some how, and the rod came out of it intact, luck being by far the biggest determining factor, apparently.
I was however with him when he hooked and landed a 4lb grilse, I offered to play ghillie but he insisted on landing it himself, so I took the rod for the last bit and i have to say the rod felt more than up to it, quite surprising really.
That rod would make a great hill loch trout'er, if size was a factor and if fishing wasn't the main purpose of the trip.
Personally I'd go for a 5g to 25g cast weight 8 foot, 5 or 6 piece travel spinning rod with carry tube, the tube will look after the rod and can be attached to the exterior of a rucksack (or inside if you want to be low key about having a rod with you), a rod in that class would be much more useful in different situations than the super small rod described above.
It is also good quality and cheap as chips to boot!
