Funny, I thought you Brits weren't allowed locking folding knives...

It's a good idea, but too many compromises. There are much better knives, better lights, and better firestarters available.

@Heteromeles: Doug Ritter sometimes lapses into shameless self-promotion, but he does know his gear, and the knives and survival kits that bear his name *are* quite good, if somewhat pricey.

For a survival knife, any knife made by a good maker (Benchmade, Spyderco, Kershaw, Al Mar, Buck) will hold an edge *much* better than the cheap ones. Since most "survival" situations rarely last more than three days, you really shouldn't need to worry about sharpening a survival knife! Better to get one that holds an decent edge for e few days of serious use.

For lights, Peak LED Solutions makes the most bomb-proof reliable LED flashlights I know of. Others may be brighter, but a Peak will never let you down. LRI's Photon Freedom Micro packs a pretty amazing light into a coin-sized package that weighs next to nothing on your keychain.

For a firestarter, the military issues a very effective, very light, very compact one called the Spark-Lite, which is also available to us civilians. Besides making sparks, it comes with several wads of tinder that will light even if wet; the whole kit is packed into a small plastic box about the size of a Zippo.