Agreed, I've given up on the idea that I should always hike with enough gear to see me through a year of unassisted living because of some apoloclyptic disaster. Now, my daypack and PSK are geared towards the things I consider much more likely, namely something happens that warrants me spending an unexpected night in the boonies until I can figure out what to do in the morning - i.e. I get disorientated exploring something cool off trail, or I fall and get a nasty cut.

My priorities:
First aid - AMK Ultralight .9
Navigation - 7.5 or 15 minute quadrangle map, compass, Garmin GPS
Water procurement - Kataydhn Hiker, 4 qt carrying capacity
Fire - bic lighter, NATO matches, flint
Shelter - AMK Heatsheet bivy and a poncho