Let's face it: guys use the bulging keychain EDC only because they don't want to carry/wear a pouch or small man-bag. Right? Otherwise it doesn't make sense. I'm right with you there, wish I wasn't...

Personally I don't like the pocket bulges. I don't like the squirming if one of the keychain thingies starts to poke one of my non-keychain thingies, mostly while sitting. I do like the potential for discrete carry that it has, though dividing items up and putting in separate pockets does that and maybe adds a small safety factor too.

On a keychain that has keys that I actually use, anything more than a (e.g.) Photon and a (e.g.) Squirt on it would drive me crazy. That's already too much if there's a modern auto fob on it...

I much prefer "organized pocket carry" (OPC). I am mostly an urban person, and nobody makes great gear for this OPC AFAIK, so have to make do. It doesn't need to be bulletproof: it needs to be flexible and thin, no zippers for sure (ruins flexibility in pocket) and no molle.

Out in the bush, my man-genes are intact so I can do it properly and carry a bag/pouch.