Curtis, my first WFR instructor gave me that sort of feeling as well. When he talked about equipment for a day hike including a sleeping bag, stove, and full equipment for overnighting, I knew something was up. I know it's supposed to be good practice to assume you COULD be stranded overnight, but... well, you know.
I think the others have said it pretty well. My first aid kit for solo trips hasn't really changed due to my WFR training. I still carry very little if it's just me. For trips where I'm leading others, for a camp or school type trip, I just take whatever the organization already has laid out. Usually, for insurance reasons, camps or other orgs that run hiking trips have a pretty overkill first aid kits.
If I could take out certain things that are seriously redundant or I'm super unlikely to need (sam splints!) I'd do that, but otherwise I figure I just have to cut weight elsewhere, or split the first aid kit into smaller portions (an ouch-kit, a sick-kit, and an oh-s**t-kit) so the weight can be split between people.