I've come up with the following system based on what I've learned on this forum. Please keep in mind that my main activities are 4 wheeling, prospecting, hunting and fishing, and I go to some very, very remote areas, and I go often. I'm in the wilderness at least 180 days a year - soon to be 250+. I also range all over the place from Alaska to Canada to Florida and the western states. (I quit doing Mexico a couple years ago).

First I carry some items on a neck lanyard. This includes about 24" of paracord and the following items:
"split pea" peanut lighter
small capsule with vaseline, cotton balls, and jute twine
small capsule with 6 water purification tablets
Photon Freedom micro light with hood - Red LED
Sun Mini Comp II compass
Boker Plus Subcom F Camo neck knife

The above is lightweight enough that I rarely realize I'm wearing it and I wear it all the time 24/7 even when swimming or in the shower.

Next I wear a paracord bracelet. It's a king cobra weave that has about 20' of paracord. In the weave, I've incorporated a 1/8"x2" ferro rod and a 5" piece of jute twine and I can wiggle the ferro rod and jute out if needed without unraveling the bracelet. I plan to incorporate some kind of striker into this but haven't figured that out yet - maybe a cut down P38. I don't wear the bracelet if I'm dressed up.

I wear a leather cowboy hat while in the outdoors and it has a fairly wide brim to shelter me from rain and sun.

I wear a watch either a nice Seiko when dressed up or a Casio Pathfinder PAG240-CR1 while in the outdoors and this has a compass, barometer, altimeter.

In my shirt pocket, I carry my PDA phone. I get about 5 days of standby from the batteries so I don't usually carry a spare battery for this. Plus where I go there is rarely cell coverage. My PDA does have a lot of maps in it and I have a sky mapping program for night navigation. It also makes a handy flashlight.

In my wallet, I have a Tool Logic credit card companion that has a knife, compass, magnifying glass, etc. I carry a very small wallet - it only has a couple credit cards and some business cards. I carry cash separately, plus car keys which is a minimal key ring with only a few keys.

I carry a knife but it depends on what I'm wearing. I carry either a small swiss army pocket knife in my pocket when dressed up, or a Buck folding 110 in a leather sheath when dressed down (but still in the city).

When I'm doing some outdoor activity like camping or trail riding, I wear a paracord belt that has 50' of paracord and I'll switch to a much bigger Becker BK7 knife and I wear a 4Sevens Quark 2AA flashlight in a pouch and sometimes another small pouch to hold bug repellent. I also carry a sidearm, usually a Ruger Super Blackhawk 44 mag revolver and a little pouch with 12 rounds. If I go into town, I drop the BK7 and switch to my Buck 110 folding knife and drop the revolver. My concealed carry pistol is a Sig Sauer P229 with crimson trace laser grip in an inside the belt holster along with one extra mag in a belt pouch but I don't carry concealed much - it's too heavy. I only carry concealed if I'm going into a bank or if I ride into town for groceries and the neighborhood that the grocery store is in looks scary.

Also while out in the woods, I carry a PSK in one of the cargo pockets of my pants. It is a Maxpedition Fatty Organizer 7x5x2. In this PSK I have a lot of items and it weighs 1 lb 9 oz. which is definitely my upper limit of how much I will carry in a leg cargo pocket.

The Maxpedition organizer contains these items:
Maxpedition Fatty pocket organizer 5x7x2
10' paracord bundle woven onto the outside handle
Reward if found notice and phone number on a small biz card
20 Micropur MP1 tablets
heavy duty foil 2 sheets
paper for writing
oven bag for water
clear 30 gallon 2mil trash bag
"Aqua Pouch" Kit - bag plus coffee fliters
extra Amex credit card, 5 $100 bills
mini bic lighter
USB drive - encrypted - copies of important docs
mini comp II compass
AMK Rescue Flash Signal Mirror Mini
Aquamira Frontier Pro - Military Version 1.25x5.5
Aquamira Frontier Pro Straw
6' of duct tape wrapped around old card
fresnel magnifier wallet card
Ben's 100% Deet 1.25 ounce
Mini Leatherman pliers
victorinox pocket knife with writing pen and other tools
Petzl E+Lite headlamp
vaseline and cotton balls in baggie
survey tape spool
Fishing Kit in Aloksak bag
fishing hooks
fishing weights
beetle spin lure
30" nylon black shoelace
20' of nylon #18 green cordage
fishing line
balloons for fishing floats
First Aid kit in Aloksak baggie
hand sanitizing wipes
moleskin
butterfly bandages
bandaids
neosporin packet
pepto bismal tablets
immodium
alcohol pads
Bayer Aspirin
Burn Gel
Electrolyte Tablets
sudafed
condom
Possibles Aloksak bag containing:
razor blade
Aquamira extra prefilters 3 each
sewing kit
snare wire 20' 24 gauge brass
commando wire saw
2 extra photon freedom red LED - CR2016 batteries
mixed safety pins
2 8d nails
1/8x2" Ferro Rod
12' Crest Glide trial pack dental floss in dispenser
2 mini zip ties 3-3/4" long
2 large and 2 small paper clips
4 each CR2032 for Petzl E+Lite
a few salt and pepper packets

Also while wheeling, and in my other leg cargo pocket, I carry these items:
AMK bivy bag (the little one)
Platypus Plusbottle
McMurdo FastFind 210 (soon to be a ResQLink)
Orange bandana
small vial of Break-Free CLP
mosquito head net (sometimes)

All of the above are carried on my person. Is it heavy? YES!!! Especially the firearm and ammo. I may have to start wearing suspenders in addition to a belt!!! I will say that you get used to it so it's not a big deal. I used to carry a small altoids PSK in my cargo pocket and from the suggestions on this site, I upgraded to the Maxpedition Fatty with lots more stuff and started carrying the PLB in my pocket at all times. That added about 2 lbs to what I carry but it's not unbearable. I do think that I am at my upper limit though.

I also have a small backpack that I call a ditch bag that I keep next to me while 4 wheeling that has much more stuff like a tarp and a full medic kit, satellite phone, solar panel, GPS, saw, food, stove, signaling equipment, etc. It sits in the front with me in case I were to lose my whole rig suddenly from fire or flood while trail riding. The backpack weighs in at around 18 pounds and all the items in it are "ultralight" versions of whatever the item is.

The main idea is that the really critical items I might need are on my person while out on the trail. Everything is kept in waterproof containers or Aloksak bags because I tend to be in wet environments from rain or standing in creeks while panning for gold or fishing. If I am lucky, I'll be able to grab my ditch bag and that would provide me with quite a bit of luxury over the items I carry in my pockets and has enough provisions that I could probably do my own self rescue (long hike out to pavement). Without the ditch bag, I'm not sure I could make an 80 mile hike, but I do carry a PLB so I would probably use it if I couldn't get to my ditch bag.