In short, yes. Both are, and if you are backpacking through South America then why not hit them both. Not sure where you are beginning your journey from, however as I am sure you are aware Peru and Ecuador share a border. Miha spent a few weeks in Peru, hiked the Andean trail into sunrise at Machu Picchu and has awesome photos and memories. On her way, she flew over the Nazca Lines, enjoyed time in Cusco, out into the jungle with the shamans, and along the coast in Lima. Recently we spent a couple of weeks in Ecuador. Did not get out to the beach, but toured from Cotacahi and Otavalo all the way down the Andes to Loja and Vilcabamba. Inexpensive, scenic, and if you like to see native cultures still living their way, you will see it here.
Personally, I think starting in Cartagena and working down through Colombia to Ecuador into Peru and then wherever you are onto next would be great. Keep in mind if you visit Quito -which you should if in Ecuador – to be very cautious and do not take any valuables out after dark. We had no problems, but the warnings were everywhere and everyone we met had a “been robbed” story. Definitely a city worth seeing though. Check out the Couchsurfing program as well as hostels. You can meet some great people, fellow travelers, and significantly reduce your costs. Feel free to send us an email if you want any further or specific info. We’ll be happy to share.