I agree that Santa Fe and Boulder are good hiking bases but you still need to use your car to get to most trail heads. I used to live in both towns and have done extensive hiking near both. After my stints in those towns I moved to Telluride in 1993 and still have a own place there. It is the perfect place for weekend hikes. You can be on a number of trails in 5 minutes after having a delicious breakfast on Main St. and never even use the car. There are hiking trails literally on every side of town and for every degree of difficulty and length. A few of my favorites from town are Jude Weibe, Bear Creek Falls, Silver Lake and the really short but rewarding Cornet Creek Falls. You can fly directly into Telluride (tex) or Montrose (mtj) about and hour away. The scenery is spectacular and you can reward yourself with great food back in town at the end of the day. Food in Telluride runs the gammut, great Thai at Hong's Lotus Petal or Siam, seafood and Bluepoint to great continental at la Maramotte and Mexican la cocina del luz.

Happy hiking!