Not with sensible and highly experienced people! Unfortunately, not all people are sensible, and a lot of people are less experienced than they think they are. Here is a good article by Andrew Skurka about the difference between "light" and "stupid light." This article has caused a lot of vehement discussion in ultralight circles.

On the other hand, here's a super ultra-light gear list, with a base weight of 5.8 lbs. I could live with this gear for a 2-3 day trip of summer hiking in the mountains of the southwestern US. I would make the following changes for me: 20*F sleeping bag (+5 oz.), a decent headlamp (+3 oz.), long-handled spoon (+0.3 oz.) (I rehydrate my food in and eat out of freezer bags), my beloved Exped sleeping pad (+ 12 oz.), extra pair of hiking socks (+3 oz.), slightly heavier base layer (+5 oz.), map and compass (+4 oz.) That's basically 1.8 lbs. more. and it would cover any emergency situations that could happen in summer in the Southwest mountains. Add stuff I include in my base weight, like camera, fishing gear, monocular, a Personal Locator Beacon (I hike alone, and having it keeps my family off my back for a psychological weight saving), and this list becomes pretty close to what I have.

BTW, a small knife works just fine for making frizz sticks, which I prefer to trying to split wood with a knife (I have scars from the latter!).