As it comes, the PSP does not provide a knife, shelter, light, first aid kit, water container (though the pouch can hold some water), water sanitation, or matches (it does have the SparkLite), so it is critical that you supplement the PSP as recommended by Doug:

<>Folding knife w/ locking blade; >=2.5 in blade; one-handed opening
<>Pocket-sized personal shelter: space blanket, bivvy sack, large bags, poncho
<>Pocket-sized or key-chain flashlight: LED w/ constant-on switch
<>First aid kit: AMK Pocket Medic or Ultralight .5
<>Personal supply of Water: Katadyn Micropur MP1 purification tablets, a 1 quart/liter water container to match MP1 dosage
<>Personal medications (rotate regularly)
<>Waterproof matches: REI Waterproof matches or Mini Bic lighter
<>Personal Locator Beacon

I'm still waiting for the Doug Ritter Personal Survival Shelter (PSS).

To me shelter is often the weakest aspect of many personal survival kits - mostly because of the bulk involved. This wouldn't be a problem if everyone had the skills to create natural shelters, but the reality is most don't - and creating some of the natural shelters can expend quite a bit of energy (though sometimes very needed).