The super ultra lighters will tell you that you can get by with a razor blade or a small pair of scissors.... It works for their style. Having grown up in the middle of nowhere with a knife in my pocket all the time, I don't think I could dispense with the utility of a decent sized knife.

On the other side, I just don't see the need for batoning wood. I have an ESEE Izula, which is a very nice fixed blade knife. But I can always find dead wood lying about, even around heavily used campsites. Even if it has been raining for extended periods, a decent folding knife can skin off wet bark or make fuzz sticks. Yeah, a small folder isn't your best bet for building shelters and all that stuff, but it is a far sight better than a razor blade.

For backpacking, I tend to carry a Victorinox Bantam. It has a single 3-1/4" blade, a combo bottle opener/can opener/screwdriver, tweezers and toothpick. It weighs in at 1 oz.