My (day)hiking / hunting/scouting, bag is around 5 lbs, with out water.
I scaled down my pack a couple years ago, because I realized I was either going to have some stuff I needed, or nothing, because it was to dang heavy to drag around.
I am down to this:
Cammenga compass - wrist band, tritium markers

GPS - Garmin 60CSX

Wistle

Knife - Buck Crosslock with Drop point & saw blade. (5oz)

Bic lighter, fire source 1

Sweedish Firesteal - Flint, fire source 2

Match case - (fire tender inside) with dryer lint, 3/4 of a esbit tab, fishing line and 3 small hooks, and (out side) a couple feet of duct tape wrapped around it.

1 small snow Peak Titanium Bowl - water procurment & boil

Bandana

1 AMK heat sheet

1/4 roll of toilet paper

25 ft of para cord

Medicine - (3each) - Nexium, Immodium AD, Benedryl, Vicoden, & Chapstick

2 AA bateries - for GPS


Thats it!

(note no first aid kit, I make due with the drugs, Bandana, tolit paper, & Duct Tape)


Things I might add depending on the trip distance:
Food, energy bars, snickers
First Aid kit
Multi Tool
folding saw (this goes in the bag 75% of the time anyway)
Firearm - revolver
Emergency Bivy
Water Filter - Katadyn guide

As a rule though, I like to go as light as possible.