I don't understand why on a day hike, on pavement - as you relate - there's a need for a folding saw and two fixed blade knives. Besides increasing the weight of your pack to make the walk a more strenuous workout, what's the point (note clever pun ...)?
It's important to note that just like I can add items to the kit, I can remove items sometimes for shorter adventures too. I've already addressed taking out the navigation tools, but here's another example:
There's a little patch of forest not far from our house that we like to explore, but we don't often do much there other than plant ID, exploring the creek, and sometimes gathering wood to whittle at home. This is often the set-up I take when we go there:

Uploaded with
ImageShack.com-a simple poncho for rainwear, ground sheet or sun shelter for the baby
-a little paracord to help make a quickie shelter or for whatever bacpacboy comes up with
-a water bottle
-my EDC keychain, which used to be on a paracord bracelet but is currently on a nite ize key rack:
http://www.amazon.ca/Nite-Ize-KRK-03-01-...ywords=nite+ize -OTC meds in FOB
-FOX 40 whistle
-SAK Camper-
-fauxton LED
-ferro rod
Here's one of the adventures this set-up went on recently:
http://www.youtube.com/watch?v=2_Ych9Zln5I