JI,
That is a good kit for what it is, they make excellent products.

I look at a kit to address 10 areas, but that number depends on how you categorize things. These are the areas I want covered:
SECURITY - protect you from predators.
MEDICAL - repair/maintain body.
SHELTER - protect you from mother nature.
WATER - obtain/make safe/carry
FIRE - to make fire when desired
TOOL - construct what you need; maintain/repair what you have
REFERENCE - protable memory
COMMUNICATIONS - to communicate with others
NAVIGATION - to help you see where you need to go
FOOD - to maintain nutrition

They are organized, depending on your situation, of what can kill you the quickest. These are the physical parts of the kit, your mindset, experience and behavior complete your kit.

Walking off cliff will kill you as quickly as a bear attack...

You don't always need every item of kit or every kit on an outing, but you don't know til it's over.

hth - ymmv

An area I have discussed with a friend recently is something specifically for barter or bribe, especially when in other countries.

... and yet, another edit: here are some photos of how to mod a $2 mil surp knife to fit that kit or an altoids tin: http://www.flickr.com/photos/44316389@N03/sets/72157623604443459/

They appear to be out of sequence and it looks like you need to cut and paste the address.