Absolutely. Couldn't agree more.

The trick is to carry enough to take care of yourself but not so much that you actually increase the chances of injury or getting into a survival situation.

I remember a few years ago XC skiing in Sequoia NP. Some people in my group skied with only a fanny pack and a sweater tied around their waist, which seemed reasonable at the start of the trip when it was in the high 30's with clear, sunny skies. We climbed to a pass called Panther Gap (~8500'), and, yes, I had to work a lot harder with my big backpack than the fannypackers. However, while at the gap, the sky clouded up, the temperature plummeted like a stone, and it began to snow. People started seriously freaking out. For a lot of them, with only their sweater tied around their waist to fall back on, it was a shiveringly cold, miserable, frightening experience. For me, I pulled out my sweater, fleece jacket, and GoreTex parka, it was no big deal.