As far as a ditch kit is concerned, my focus is mostly on what will be ON ME if I ditch.  Since I'm rarely without my PFD on the water, that's where my initial focus is:

I previously mentioned that one of the large pockets on my PFD is devoted to ditch kit items.  More specifically, this pocket contains:

1. space blanket/sleeping bag similar to the item reference in   (You need to Login or Register  I opted for the bag because I feel it provides a better chance of retaining body heat and could serve as an overnite bivy if necessary.  This item is stored in its own plastic bag.

each of the items below are in a snack sized plastic bag and each individual item is stored in a smaller "jewlery sized" plastic bag.

2. small cigarette lighter
3. Swedish fire steel (produces hot sparks and doesn't require the use of a knife like a magnesium stick)
4. Dryer lint (several small bags)
5. Novelty candles (the kind that stay lit even when you try to blow them out)
6. Small bottle of purel hand sanitizer (both for fire starter and antiseptic)

My second large pocket contains a small multi-tool.  I think I may want to add snare wire and fishing line to this pocket (it does SOMETIMES contain a "pony spool" but it will now become a permanent item..

I also have a water resistant fanny pack that travels with me across portages when I'm not in or carrying my PFD.  It also has many of the same items and things like a compass, emergence whistle, signal mirror and so on.  It is always nearby when I'm traveling, but there is no garantee I'll wind up with it if I ditch.

dd