LEATHERMAN WAVE: I've found that among all the multi-tools, if you can splurge ($80) then go for the Leatherman Wave, which is the best. Nice little tool kit that has more tools than Inspector Gadget. The pliers on this tool are a vast improvement over others. The handles are rounded, so if you've got a tough gripping job, you won't cut into your hands. Okay, what does this thing contain? For starters, it's bigger, stronger, and heavier than any other multi-tool except the Leatherman Supertool, which feels heavier. It contains more tools than any other one, and it also has locking blades, which few others have. Among the handy-dandy things in this little beauty are clip point and serrated knives, and a saw and file, which all can be used without opening the whole tool. Inside it has the ubiquitous pliers and wire cutter, can/bottle opener, several screwdrivers, a Phillips, electrical crimper, awl/punch, scissors, wire strippers . . . the list continues. The clip point is better than most clip points, which have dumb upward curves for looks only. No, this one is a great knife with a good point, which still manages to remain strong. Advice alert! KEEP IT CLEAN! When you are out doing whatever it is you do in the wilderness, folding knives get very dirty very fast. That's another reason to keep a good fixed blade knife around. Make sure you either get the one with the nylon sheath, or buy the sheath extra online. It'll cost you $11, and is well worth it. Also, take a length of line and tie your Wave to your belt via the lanyard ring. Yeah, the line will get in the way some of the time, but the sheath's belt loop will break before the line gives out.

SWISS ARMY CHAMP: If you can afford one ($70), then these are great. Yeah, I know, people say they are worthless. Yes, the blades are small, and the handle is thick, but there is much more to it than just a blade. Use one to complement the Leatherman Wave. This tool has two blades, corkscrew, can opener with a small screwdriver, cap lifter with screwdriver and wire stripper, reamer, scissors, Phillips screwdriver, magnifying glass, wood saw, fish scaler with hook disgorger and ruler (cm + inches), nailfile with metal file and nail cleaner, metal saw, fine screwdriver, key ring, tweezers, toothpick, chisel, pliers with wire cutters, mini screwdriver, pin, and ball point pen. Try and find the SOS Kit. It includes the Champ in a dual pouch that also has a magnifying glass, ruler, compass, Maglite Solitaire AAA flashlight, and other survival goodies. The Champ with SOS kit will set you back around $150, so it is quite an investment. Like your Leatherman, though, keep it clean. Folding knives jam up easily in the wilderness. These are only available in all leather pouches, so I would suggest investing in something that would allow you some form of alternate carrying, even if it means splitting the kit up. Old WWII M1 Garand Ammo Belts work well. The Champ can be fitted in one pouch, and the SOS Kit in another, and that still leaves you with 8 pouches to play with.

DELUXE SOS KIT: I've got the deluxe model (pictured here) and have used most of the stuff in it at least once of twice, so I'll pass on my experience. The most recent thing I did was purchase an ammo belt, which I moved the whole thing into. As stated before, the champ fits into one pouch, and the whole SOS Kit fits into another, leaving you an extra eight for various goodies.
This is the pouch that everything will come in. It was very well manufactured, and is made of thick black leather. One pouch is sized for a standard Swiss Army Champ, and the other is divided into several stacked slots, similar to the credit card part of most wallets. This is where the comb, paper, Band-Aids, etc. are kept. Outside both pouches is a cylindrical pocket in which the flashlight and sharpening stone are kept.
This is the Maglite Solitaire, the smallest flashlight they currently manufacture. It holds up to the same quality standards as their other flashlights. It measures slightly over 3 inches long, and weighs so little it can barely be measured. It is sheathed in a cylindrical pouch outside the two main pouches. It uses a single AAA battery that lasts for dozens of hours (had one around for years, and it just recently went dead). Unfortunately, there aren't any accessories available at all (actually, I don't think there are any), mostly due to its diminutive size, so you just gotta take it as it is. You could, though, wrap a single layer of half-width duct tape around it to make it easier to handle in cold weather. More than a single layer and it won't fit into the slot. Of course, if you have an ammo belt to put it in instead of the leather pouch, then that won't be a problem, will it?
Yes, you see that right. It's a comb. A little tiny hard plastic comb is included in the kit. My advice? Get rid of it. The room it takes up could be used for better things . . . like more paper. My guess is that most people who get lost and will need this belt survival kit will not be terribly worried about their hair. You could replace it with nearly anything and it would be more useful.
There are two safety pins included in the kit. These are useful for lots of things (fishing hooks, needles, holding clothes and backpacks together, zipper pulls, etc.), so keep them in. They are both pretty good sized, and are strong enough.
This is one of the best little mechanical pencils that you will be able to find. KEEP IT! The paper is a small piece of folded graph paper. My advice would be to invest in some waterproof paper, and replace the graph paper with it. I would also recommend including more paper in lieu of the (indispensable?) survival comb. The paper is kept in a little plastic sleeve, which may protect it some from rain, but not humidity.
This signal mirror isn't the best, but it is quite handy for a number of things. I would say keep it. Is it for signaling, or for examining hard-to-see places for ticks and other parasites, reflect light into a dark place . . . stuff like that. It's a fairly decent mirror, with a solid build, so it should be able to take a bit of a beating. It is extremely thick, and has a sighting hole, and comes with two white vinyl covers to protect its finish.
These matches are here for a specific reason: they are small. They are not waterproof, nor wind resistant, though they are wood instead of cardboard, and they don't light easily. But because of their size, many more of them can be fitted into the kit. I would take them out. Replace them with half a dozen Survival Lifeboat Matches wrapped once in aluminum foil.
A sharpening stone. You're lost in the middle of nowhere. You have your handy dandy Deluxe SOS Kit to keep you company. Two thoughts. #1. I hope you're not planning on being out long enough to need to sharpen your blade. #2. If you are going to be out that long, there are things that you might want instead of a sharpening stone. Replace it with 2 Jolly Rancher candies for emergency sustenance, if you aren't using the pouch. Just as a side note, I have tried to sharpen a few of my knives with it, and it just doesn't quite cut it. It is totally inferior as a sharpening stone.
These could come in handy, but not as handy as inexperienced people might think. If you are going to be lost out in the wilderness for a few days, you are going to get more bumps and bruises than you could possibly keep up with. You can Band-Aid the first one, and even the second one, but after that you are out of luck. Replace it with something handier, such as cut strips of coffee filters and duct tape.
Yes, believe it or not, this thing is a whistle. And it's a quite good one, at that. Granted it's not the best, but I've heard worse. And you are not going to be able to find another whistle with the flat shape like this to be able to fit into your kit. There is another flat whistle survival thingy called the Pocket 911. It is thicker, but still relatively flat, has a whistle, a compass, and a thermometer. #1. The whistle sucks. #2. We've already got a thermometer and compass, so why waste the space?
I was impressed with this. This tiny little clear plastic ruler has a dial thermometer on one end with both Fahrenheit ranging from 0 to 120 and Celsiu ranging from -20 to 50. It has a Swiss made liquid-filled compass on the other end with a small bubble in it. There is a red circle centered on the compass bearing, so that when hel upright, the bubble and circle acts as a level. Neat, though I don't imagine you will find much of a need for a level in the back woods. Then there is a magnifying glass in the middle. This has to be one of the most well though-out pieces of survival gear in existence. There is NO wasted space on this gadget. There is even a 3 inch ruler on one edge, and an 8 cm ruler on the other. Top this thing out with two lanyard holes. This should stay in your kit, for you won't find many things as innovative and utilitarian as this baby. I'd give it a 10 on the survive-o-meter, a rating I don't give lavishly.
This is nylon string. It's all fine and dandy, dandy and fine, but replace it with some tightly wound fine fishing line, or other similarly durable cord that can be cut to specified lengths without suffering the fray that you get from this stuff. It's not usually a big deal, but in a survival setting, that average inch lost for a foot-length cut can be a big difference.
A pair of small needles and some thread. Replace the thread with very fine fishing line, and get some slightly larger needles, and you will have a nice little survival sewing kit.
Three weights, two hooks, and some line. The hooks are sufficiently small, and the weights are fine, as is the line. Given that you may want to replace the string with fishing line, maybe you could just lengthen it a little and take these two tiny lengths out.
Though it isn't pictured (duh!) it also includes a small (as in 1x2") ziplock baggie, which contains your fishing and sewing kits, safety pins, and extra accessories. It also has a (!) knot tying guide that gives good illustrations of a whole 2 (as in two) knots, the square knot and the bowline, a complete Morse code guide (with a seperate entry on how to send SOS) and a pair of ground-to-air international emergency signals. Arms raised = we need help. One arm raised = we are fine. Two extra toothpicks and extra tweezers are also included.