Wallet: extra cash, 2 bandaids, Victorinox Swisscard
Keychain: Arc AAA-P and Victorinox Manager II on one half, Swisstech Utili-Key on the other half, mixed in with my keys
Spyderco Caly 3 (or a larger folder)
Palm Treo

Just enough to deal with the little emergencies or get me back to my car and/or more comprehensive kits. Yeah, there's some duplication (4 knives and 2 lights), but that lets me go places with just my wallet and know that I still have a knife and light even though they're incredibly tiny.