>>I also tried Neosporin - it lights just as well and adds another use for the cotton balls. <<

This is a good point - I just forget about the vasoline altogether in my kit, and just pack a tube of triple antibiotic ointment (the generic neosporin).

It comes in convenient-sized squeezable tubes. I find a 1 oz. tube fits well in almost any FAK - it's one of the larger items, but also one of the most useful. I don't bother with the individually sealed foil packets.

It's just as flammable as vasoline, so for that purpose it works just as well. Just squeeze a dollop into a cotton ball and you're ready to go.

It can also be applied to dry skin or to provide protection from a cold wind, and works as well or better in that regard.

Chapped lips will heal and the condition of flaking skin will improve in a day or two - I find it especially useful in dealing with hangnails and messy cuticles - cleans them right up in a day or two.

And it can also be placed on superficial wounds (i.e. blisters on the feet, insect bites or small scratches) to speed healing. Even in general, I find it useful to occasionally apply to my feet; its utility will only be increased in the back country

It can also be used as a tool or machine lubricant in a pinch.