EDC blog for some time now. I've also seen the term popping up in discussion on other blogs, like Iron Vaquero.
From left to right top to bottom, my basic carry:
top row: belt and buckle, wallet and chain w/belt loop, keys and belt retention loop
bottom row: good luck charm, cross, Kershaw folder, Gerber Shortcut Multi-tool, Gerber Artifact Tool , Bic Lighter, Pocket Comb, Samsung Galaxy Cell
There are some things that get added based on need. All bike keys are on their own rings, as is the key to my pickup, and I only carry them as needed. I also have a thumb drive on a ring but it rarely gets use since I upgraded to a smart phone.