Hmmm... I have a Lifesystems Trekker FAK, supplemented with a few bits and bobs, generally in my pack. Although it should really be on my belt - after all, the last thing you want is to have to rummage around in your pack whilst bleeding profusely.
I have to admit that I seem to be succumbing to "utility-belt-itis"... I've been playing with a PLCE-style belt with one canteen pouch (containing waterbottle, cup, Crusader cookset, 4 esbit tabs, tea bags, sugar sachets, PreMac PWP water purifier and neutralising tabs), one double ammo pouch (containing in pouch 1: survival bag, mirror, small arkansas stone, repair patches, small tube of seam sealant, 1 greenheat sachet, tinderpouch, spare firesteel, Opinel No 7, compass; in pouch 2: porridge oats (2 portions), 12 esbit tabs, more teabags, sugar sachets, salt, milk powder, 1 snack bar, 1 large cup-a-soup), knife + firesteel, and ideally FAK... Oh, and there's sometime a Lifeventure KFS on there as well.
Is that "criminally over-festooned"? I dunno... But I do know that I'm sick of having to rummage in my pack every time I want a drink of water, or to light a fire, or do anything really. Plus I find that having that kit on the belt seems to be a better distribution of weight.
It all started with the realisation that the time things are most likely to go wrong is probably when you've already pitched camp and are off collecting firewood. No use have a FAK in you pack if your pack's back in camp. Now if I can just do away with the need to carry waterproofs then I don't need a pack at all for day trips...