Since I got a small messager/gadget bag, here is what I EDC (usually to work, and around town)
iPod Nano
Etymotic Research
ER4S in-ear monitors or Sony EX90 earbuds
Headroom
Total Bithead headphone amplifier if carrying ER4S
Spyderco
Viele II folding knife
Victorinox
Mini-Champ
Surefire
L4 Lumamax flashlight
Wrist watch, usually an Explorer II as shown
Motorola V3 Razor GSM
Sony Ericsson HBH610 Bluetooth headset
Oakley Why 8.0 sunglasses
Sony T9 digital camera (not shown)
Wetnaps hand wipe packets (not shown)
Waterman ballpoint (not shown)
Wallet in my pocket (not shown)
On the Mercedes keychain I also have:
Photon Freedom
If I am not using the gadget bag and want to travel light, I do the following:
Surefire
E1L Outdoorsman or the L4 if I have larger pockets
Motorola phone
Victornox Mini-Champ
Wrist watch, keychain, wallet
I may carry the Viele clipped to my pocket or not depending on the mood.