What I found out about bic lighters is the button can get compressed and empty them. I try to get the ones that lock the fuel off when I can. I couldn't find any friday so I bought a package of bics again.

I have several good compasses but I always have one of the little button compasses like Doug sells, and I have one of the Brunton compasses (with a thermometer) as a zipper pull on my jacket.
They are not good enough for survey work, but they are small enough for EDC and do give me magnetic north within a few degrees.

A bomb proof folder?
I have an auminum SAK Soldier that manages to be EDC.
It is not too big or scary. I wish it was an easy open lock blade.
I often have the Spyderco Endura in another pocket though.
It is a bit large and a bit scary for people, but it has lasted a very long time with no problems.
Doug has a pretty good folding knife for sale too.

I almost always have some string around. It is not quite EDC with me though, unless you count shoelaces and so on.

If I had to chose one and only one item it would likely be a lighter.
(Errr, no, a knife, a lighter, a compass, a knife, a lighter, some line,....)

This is the classic problem with trying to figure out the minimum kit. It is real easy to find yourself hauling all of your camping gear everywhere with you, and even if every piece of gear is super small you can still load up tons of trinkets.