Micro first aid kits are great for ticks and little problems.
If you are working with knives and axes in the woods your most likely going to need lots of bandages and not much else. I have a small medical pouch with creams, germoline, tick fork, tweezers etc, but my first aid kit is just lots and lots of bandages.
Last time I used a first aid kit in a real true emergency (as in, something life threatening) the bandages were filling up with blood before I could even tie a knot in them. I had three guys running around trying to find bandages and I was putting whole bandages in to a wound without unwrapping them. We used 35 bandages in the end. Some guy had tripped over and opened his lower leg on a bit of jagged metal.
Personally, I don't see the point of having a first aid kit if you can't fit several large bandages in it.
Take each thing in your first aid kit and ask yourself "is this going to save someone's life?"
Is it medical, or first aid?
Lots of survival websites will sell you all kinds of toot to go in a first aid kit.
The St. John's ambulance first aid kit has...
Large med small bandage
Triangle bandage
Burn cream
Scissors
Safety pins
Eye gauze
Microporous tape
Heat blanket
Plasters
Gloves
Anything else should really be in a separate medical kit.