Mike,
I also agree that lightweight and compact are important on a hunting rig.
On my personal hunting rig, I want the stabilizer to extend at least as far as the sight. It kind of serves as a "bumper" for protection for the sight. This way if the bow is going to bump into something it will hit the stabilizer (hopefully) and not the sight, possibly damaging the sight. You could shoot a bow with a bent stabilizer but it would certainly be difficult to shoot straight with a bent sight.