I do both.

LOOSE: I've got a snapped (Easier to open than a zipper or button, but more secure than without a fastener) pocket in my vest that holds a lighter, knife, mini flashlight, some paracord, a disposable rain poncho and a mini 1st aid kit. My keyring has a whistle, light and some paracord. I wear a watch with a digital compass and I always have a mini photon and harmonica around my neck. I've also got a mini-mag, some matches and a birthday candle in the Leatherman case on my belt. A little bit of overkill perhaps but it gives me piece of mind and eliminates frustration with the stuff I use regularly. The stuff that doesn't get used gets rotated and refreshed every six months or so.

SEALED: I've got a PSK in my purse and I carry that everywhere except the bush when I've got my full kit. Then the PSK goes in a cargo pocket.

PSK:
Case Logic mobile phone case + DR PSK + SAK Camper + contents of outside pocket

photobucket

PSK outside pocket:
Fox 40 whistle, keyring light, mini bic

Leatherman PSK: (gets put on belt when i leave the pavement)
Leatherman Wave, Mini Mag, key fob with candle and matches