I have both knives and agree the blade shape is really similar. The steel is different though, at least on mine. The Bugout is S30V and the Altitude is S90V. Supposedly the S90V holds an edge longer.
Really if I was doing it again I'd just buy the Bugout. Some of the newer pants I have like my Yukon rain pants have a built in belt that doesn't work to put a belt knife on. The folding Bugout is about as easy as it gets for pocket carry. I always have a bigger fixed blade with around a 4.5" blade with me anyway hunting, so if my belt forces me to carry that in my pack the Bugout is a really handy option to have in my pocket.
Other reasonably light folding knives I like are the discontinued Gerber Bolt Action Exchange blade (2.5oz plus extra blades), the Buck Alpha Crosslock 3.9oz (S30V blade and saw/guthook blades), and the ZT 452 CF 4.2oz (4" S35VN blade).