Chris - I spent a couple years as a volunteer EMT. It was with my college EMS squad, so admittidly I didn't see all that much action, but I know my stuff pretty well. Actually I've learned more about treating minor injuries from research and my own experience than from my EMT work(and our equipment was pretty basic anyway, no fancy non-adherent dressings, and the only antiseptic we carried was alcohol and iodine pads).

Massacre - The duct tape is a mini roll I wound around a Q-tip with the ends cut off, and much smaller than those flat rolls. The antibiotic ointment is in individual packets, which are more sanitary and they all take up much less space than a single tube of antibiotic. Hankerchiefs are not sterile and much bulkier than a comparable amount of gauze, and a few undershirts would be almost as big as my entire FAK. I do have some antiseptic spray(bactine), which I transferred to a mini spray bottle(similar to the ones used for cologne samples).
As far as general dressings, there are only 7 4x4s, 3 2x2s, 1 5x9, and 2 eyepads(now that I think of it, I'll drop one eyepad). That's really not much, especially for a major trauma or smaller one requiring several changes. There are other specialized dressings, including a non-stick dressings, spyroflex, and burn dressings, which serve a different purpose and are not interchangeable with gauze.
For bandages, there are 6 rolls of various sized gauze, which is more than enough for any single injury, but I wanted enough for several changes. Keep in mind that depending on the location, and perhaps severity of the injury, the entire roll may be needed. I think I will remove 1 or 2 of the smaller rolls. The adhesive-elastic and ace bandages can both be use for pressure bandages, but the adhesive one is more durable and waterproof, ideal for major bleeding, and the removeable and reusable ace bandage is more suitable for sprains. Perhaps I'll remove the ace bandage, since sprains and strains are not critical, and it is one of the bulkier items.

I don't know why you think sutures belong in a first aid kit, but I have no intention of including them. I am nowhere near qualified to use sutures, and even if I was, it would be probably be inappropriate to use them in the field(there have been many posts on this forum regarding the use of sutures).
I'm not sure what you mean by potassium pills, or what they would be used for. Please elaborate.
The penlight currently in there is a streamlight stylus. A photon would be better and more compact, so maybe I'll eventually replace it with one, but for now I can't justify the cost.

I should also add that dressings should ideally be changed at least every day. When a wound is first bandaged, you won't be able to apply an antiseptic if there is even a moderate amound of bleeding, so changing the dressing after bleeding has stopped allows you to do so. Changing the dressing regularly allows you to keep the wound clean and apply fresh antiseptics, assess the severity and the rate of healing, and ensure that local circulation isn't being cut off by the bandage.Leaving on a dressing that is soaked in blood or otherwise moist is never a good idea.

JohnN - Thanks, I'll take a look at that thread and let you know if it gives me any ideas.

figtree - thanks for the suggestions, I have a few questions and comments, in no particular order.
You say that quick clot is ineffective, do you have much experience with it? I've read otherwise.
You mention that a scalpel blade would be nice to have, what medical purpose does it have for first aid use?
I consider a cpr shield a waste of space, if someone needs cpr in the middle of the woods then they're probably dead, and in any case I can perform cpr without a mask. The two pairs of gloves are pushing it as far as I'm concerned, and I may even take those out. When I worked as an EMT I wore gloves often, but when I'm with some friends hiking somewhere my priorities are a bit different. The chances of getting infected from exposure on unbroken skin are fairly low, especially if I wash my hands afterwards.
The benzalkonium chloride towlettes or alcohol pads serve the purpose of hand sanitizer, and are much more compact(and I normally carry hand sanitizer seperately as part of my dump kit).
The eyewash is 2 small 15mL single use bottles of basically saline, although they also have potassium phosphate, not sure what for. I figured it would be easier on the eyes than plain water, especially water that may be questionable, since even filtered and/or treated water may have irritating pollutants, and the sterility is a plus.
I consider the antihistamines very useful, even potentially life saving, as it can provide some treatment for allergic reactions. Not as good as an epipen, but a lot better than nothing. I have both diphenhydramine and zyrtec because there is a big difference in strength.
What are you referring to by '2 adult 325mg dosages'?
The penlight is redundant to my EDC photon, but I like the idea of my FAK having all important items in itself.
The condoms, chlorine, iodine, and aluminum foil are mainly there as redundant survival supplies, although the condom could be used as a tourniquet.
Keep in mind I want this kit to be able to treat a variety of minor injuries as well as serious ones.

massacre(again) - I've thought about getting an epipen, but I don't have a prescription and it's way too big for the kit anyway. If I had an RX I would get one and carry it seperately.

Thanks everyone for the input, so far I've decided to remove the following items:
1 eye pad
1 3" gauze roll
bactine wipes
mini and spot bandaids
ammonia inhalants

possibly iodine tablets
possibly ace bandage
possibly tounge depressor

Not much, but it's a start. Let me know if I can clarify anything.

I probably won't split it into multiple kits, since removing all the extra items really wouldn't make that much of a difference in size. Most of the multiple items are small packets of various topical meds. What I've done sometimes is take out the trauma dressing and quickclot, along with a micro kit I also carry which basically has a few antiseptics and a couple bandaids, and use that for dayhikes.