Not sure what your intended use is, but I can't say enough good things about the Bogen/Manfrotto 058B "Triaut." I honestly think this is the single best, if not, top 3 best tripods ever created- and that's a hefty statement, I know. For what I do (architecture mostly, some studio work), it couldn't be better. I also have a 161, which I use for exteriors when I need the camera 9-10' off the ground. While the 058B is only a few pounds lighter and 5" shorter than the 161 and 6" longer than the 1504 when collapsed, it is far easier to use than either of them. I prefer fewer sections in trade for a slightly longer collapsed length, so that's where it edges out on the 1504 for me. Think about it, in trade for a more compact folded length, you're going to have 3, 6, or even 9 more joints you have to adjust when extending the legs.
The key feature on the 058 that makes it so great is the one-touch release for the middle leg extension. For the heights I shoot at in interiors, I can set the tripod up in 2-3 seconds- really! I don't know of another tripod that can be set up this quickly- and definitely not 5 section tripod like the 1504. I hold the "knuckle" of the tripod to about the height I want and simply hit the release lever and the legs pop out and down to the floor instantly. When folding up, it's equally as fast to retract: simply hold up the tripod, hit the lever, and lower it to the ground while the legs retract. If you've used the 161 for any length of time and got used to setting it up, this will be familiar and even easier. The most confusing thing for most people is getting used to the mid-leg struts/supports, but after some time it becomes an instinctual adjustment really.
I've used a lot of tripods before, but this is by far my all-time favorite.
Caveat: I don't think modern/recent Bogen tripods are as well built as Gitzo, but that shouldn't be a surprise. IMO, the tubes could be a bit thicker on the legs; and the castings on the "pro" models are excessively chunky and heavy- counter to the situation of the more delicate legs. I have a dent in one tube on my 161 that makes the lower section of one leg stick from time to time, but a light pull and it frees up. Even with those problems, I have no regrets about my purchase of the 058B, even if I wear it out or break it within 5 years. Yes, a Gitzo is a lifetime investment for a lot of people, but for me, the ease of use of the 058B is well worth the longevity tradeoff. In fact, the cost of the 058B is low enough, I could buy a second one for a spare and second shooting platform and still have spent less than I would have on one 1504.