As an example, my EDC consists of:
Fenix L1P
Peak Matterhorn (1 led)
Leatherman Charge Ti
Leatherman Micra
Emerson mini CQC-7B
Medicin box with countdown timer
Bison capsule with emergency supply of meds
Keys
HP Ipaq HX4700
Sony Ericsson T630
Wallet
MP3 Player
Zippo (10th anniv. replica)
Prescription sunglasses
Bluetooth GPSr
Traveler X5 digicam (most of the time)
Lamy Pico pen
Some spare batteries
And when I got my bag with me, I usually have a pair of rainpants, microfiber towel, weatherproof notebook, folder with forms from work, charger for pocketpc and cellphone, Swiss army knife, 1 or 2 extra flashlights (type depending on what I feel like taking or where I'm going), pump for my bike, tire repair kit, deodorant, more spare batteries, binoculars.
Think I lug around a lot of crap? well, there's a nice thread somewhere around here with people showing pics of their EDC.....