Does it serve all survival needs, no, but with five very small tools, being hypothermic and lost are admirably taken care of.
This idea, as well as the whole Altoids Tin Kit debate reminds me of something I read once about ninja. Whether this is legend or fact, I like the concept of "roku gu", tools for traveling. It was a set of 6 or 7 items that were often carried when traveling. Each one served a purpose and most served several purposes. The only tool I remember was a stone stylus used to leave inconspicuous, but necessary messages for other friendlies that would follow behind. I guess reading about that inspired me to start my EDC habits.
I used to talk about the psychological boost of having kit. Even a few choice items at hand can remind someone that they have a modicum of control in an out of control situation. No, not every want can be met, but most vital needs (at least in the short term). I think often some people interchange the concepts of "survival" and "comfortable temporary displacement". Sure, I'd rather have a Heatsheets Bivy on a cold night outside, but a well built fire will more times than not stave off hypothermia. My teeth my chatter all night long, but at least I'm less likely to freeze to death. The bivy would help and be more comfortable, but the fire will get the job done.
It's like the concept of hollowing out a toothpick and storing three yards of dental floss in it. The chase for the ideal and smallest kit is fun for some of us. The challenge of putting together a kit that has the smallest (useful) and fewest number of items to get by is fun, but it's also a good thinking exercise. It encourages me to think of how many different needs can be met with one tool. It's a way of "thinking outside the tin". And that, as most of us agree, is the most important survival tool...a knowledgeable, adaptable and creative mind.
My EDC is constantly changing. I carry some items I think will be useful, go months without ever using them, so I ditch them and try something else...or nothing else. EDC, survival/comfort kits will never be perfect. Murphy's Law will almost always find a way to poke a hole in your best laid plans (and best planned kits). But the important thing is that we...and I think I can safely say "we", have decided that we will not let the unexpected catch us unprepared. We choose to assert as much control as we can. And we will not go gently into that dark night.