I like the Optimus 8R stove better than the Svea 123. I've got both, more than one, and the 8R is more stable and will hold larger pots.
+1 on the SAK, I've had a Hiker for eons, still carry it.
My Suunto compass, don't know how old it is, but it works.
I also EDC my original Leatherman PSK tool, still works great, blades sharp.
I know we're supposed to stay with one item, but one more would be my magnesium bar with ferrocerium striker. Never fails to make fire.
Great thread, lots of good stuff that gets neglected by being overshadowed by newest tech stuff. The old stuff still works, though. It's time-proven, not just time tested.
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"Most men take the straight and narrow. A few take the road less traveled. I chose to cut through the woods." ~Unknown~