What do you keep in the two pouches strapped to the outside of the IFAK? Just curious.
I keep one
North American Rescue CAT tourniquet in each pouch. Since a CAT is probably the most likely thing you're gonna need if you get ventilated, I wanted to make them as accessible as possible, without using those silly rubber bands you see mall ninjas using, which dry rot in sunlight. They are just regular old MOLLE II flashbang pouches, but they work pretty well. They barely hold them though. A specialized pouch would probably be better. I figured it would be better to buy cheap pouches, and high end medical gear, than fancy pouches and garbage medical gear.
Phil, I've got SHG stuff for my SKS and AK, including an AK bayonet scabbard. Can't go wrong with 'em. I'm an unpaid third party backing up Todd's claim. 
I have their AK bayonet scabbard, and it is indeed of excellent quality! I have nothing against StrikeHard, I just personally prefer the frag pouches to their mosin pouches since they hold five clips instead of three. But I have no doubts regarding their quality. What I would like to see is a five-clip MOLLE pouch, which holds them all clip upward, with individual dividers to prevent them from rattling around, and elastic to prevent the clips from falling out, with a snap for secure closure and quick access (and more durability than velcro). I'd pay good money for some of those!
So Phillip, what does that weigh fully loaded, water and ammo?
I like what you've done there too!
I honestly don't know. I should pull out a scale and find out. But I'll try to guesstimate: One round of 7.62x54mmR weighs 21.8 grams (Wikipedia), and 300 rounds times 21.8 grams is 6,540 grams, or 14lbs, 6oz. One quart of water is 2lbs, so two canteens of water makes 4lbs. I don't know how much the IFAK weighs, but I'd guesstimate around 3lbs. We'll add an additional 3lbs to account for the suspenders, belt, clips, etc. That brings it to a grand total of
24 lbs, 6oz. Sounds about right to me. The suspenders make it very comfortable to wear, and the weight is well distributed, with most of the ammo on your hips. This is unlike the Army issue FLK, which puts all the ammo in front. That kills your shoulders and back. On my rig, you can loosen the suspenders and tighten the belt so that the weight is all on your hips, or tighten the suspenders and loosen the belt so that it's more like a chest rig. It is possible to lay prone with the rig set up either way, which is also nice.