The EC does have a long list of required items although they've reduced the personal item list, they do still require that you have basic stuff - a change of non-boat clothes that is to be considered sacrosanct, etc. It is still a pretty extensive list and they do inspections on newcomers. Veterans are typically allowed to self-police and sign off that they have the required gear.
There's not really anything on that list that I don't agree with. The only things required on your person (life vest) is EPIRB (PLB), whistle, and a knife. I happen to agree with these as a minimum. I also carry strobe, flashlight, webbing cutter, fresh water (integrated camelback), a length of high-tech line (20 feet or so) with a carabiner, and a couple of energy bars. Hey, you never know what kind of isolated beach you may wash up on. ;-)
