PFD Items

What items should you carry in, or on your personal floatation device? I carry a knife, strobe on my shoulder strap, signal mirror, whistle, a small hand held compass, and last but not least a marine radio.

Looks like a thorough list - any more than that and you'll probably sink. 

Personally, I keep a Chapstick with sunscreen in a pocket but I wouldn't count it as a necessity.

That seems like a good bit of stuff; I wouldn't wear much more than that. If you have too much stuff hanging off the front of your PFD, it can catch on the yak in the event you need to slide back on top during self rescue.

It seems like a lot of stuff, but coming from a search and rescue background it's not much. All items stow in pockets and leaves a smooth profile. The bollkiest item is the radio. The most used items are the hand held compass,  radio, and knife. I do have a GPS chart plotter, fish finder on board, but you should never depend on just your electronics. In the event of failure you should know how to navigate with out them. The compass is easy to access, and I use it to take a back bearing from a know buoy. It seems redundant but it's just old habits.

The worst case sinario is to be separated from your kayak during adverse conditions. We all fish with a crew for safety,  but sometimes there is a little distance. You better have a way to get there attention for help.
 
Take what you are comfortable with, be safe, and best wishes.

At a minimum, I'd say a whistle and radio.

Your kit seems to be about as complete as anyone would need. Add a flare/smoke device and you've got pretty much all your bases covered. 

 
  Maybe fire making equipment, (Small
 fire kit with tinder  in altoids tin or similar)  like lighter, fire steel, ( Can use knife to strike fire steel)

...but you should never depend on just your electronics. In the event of failure you should know how to navigate with out them....

Completely agree with that.

Pencil flares (3-5), and GPS if it isn't built into radio.

What items should you carry in, or on your personal floatation device? I carry a knife, strobe on my shoulder strap, signal mirror, whistle, a small hand held compass, and last but not least a marine radio.

Same, except no mirror, and replace the strobe with a plb. The plb is on the shoulder strap and completely out of the way. The knife is in a case that's attached to the front pocket for quick access.

Try to kill 2 birds with one stone.  Orienteering compass with a sighting mirror, knife or whistle with compass built in, etc.

I also keep my pliers in my pfd.

I carry a cigar and a lighter.

Awsome, never know when you need a fire for a shore lunch. On a note about navigation. There is a great book you may want to add to your library. Fundamentals of Kayak Navigation, write by David Burch.

In a pocket I have a swiss army knife, on the outside: VHF on the shoulder strap, knife on the chest and a whistle on a coiled lanyard.

I'm a freshwater guy, so I just have a whistle.
Oh, and my phone in a water proof case.

I do:

Knife
Whistle
Radio

I'd also do a PLB but I rarely go out very far.  I'm a fair weather fisherman.