I recently put the vest away in favor of a Fishpond San Juan chest pack, and carry it off to one side using only one strap.

fly box - either my trout box or bluegill box
tippet - 4x for bluegill, 5x and 6x for trout
extra leader or two
thingamabobber
license
splitshot
hemostats on a Simms retractor
nippers on another Simms retractor

I like to pack light.