We're also using the modular approach to preparedness. I have an EDK that's very small and handy, always on my person or on the night stand and a PSK that's pretty darn good as well, and that's always hanging by the door. We could do fine with just those two items. but I too did a sub-set of the biger BOB kits in the basement in the event of a very quick exit.

What to put in the Grab & Go was a bit of a quandary for me for a long time. I too had too much stuff and to many packing methods. After trying boxes, large frame packs, duffel bags and other packing methods, I've found that the North Face Recon backpack neatly meets all of my grab-n-go requirements in terms of space and comfort.

Here's what's in our g-n-g bag, which is presumed to augment my EDK and PSK, which have Fire-making, Candles, some tools Signalling stuff in them already.

1 Larger First Aid Kit. We got it at EMS, it's called the "Guide" model , we added a bottle of potasium iodate to the kit
3 Liters of water in three bottles
1 Collapsing Cup
Assortment of Granola/Snack Foods
$200 Cash
Copies of the various "Important Papers"
2 CD's of family pictures
1 County Map
1. National Map
1 90 Minute Calling Card (AT&T)
1 LED Flashlight
10 AA Batteries (IKEA batteries are as good as or better than any I've ever used - they are made by Varta and are only $1.95 for 10!)
1 Yaesu VX-5 Radio with AA Battery Adaptor and 12 Lighter Adapter (I'm a ham operator, and this radio is a 2-way Radio/Scanner/AM/FM/TV Audio all in a tiny package)
1- Wool Blanket (Strapped to the bottom)
1- Space All Weather Blanket (an excellent thing!)
4 - Red Trash Bags (30 gallon)
8 - Gallon size Ziplock Bags
50' 3/8 " Nylon Rope
100' 1/4" Nylon Rope
1 Folding Saw (sandvik brand, amazing cutting power)

I'll be adding a crowbar to this kit now, that's a good idea.