This is something I really can't stand.
On one hand, you have to list stuff on the resume, so automated keyword filters get your resume some human eyeball contact. List too little (or just the stuff you have credentials for), places either think you have little or no experience and pass you up for some guy who listed everything, or just never see your resume because the keyword tools pass it by.
On the other hand, listing too much will get you gibbed because you either are written off for being a "jack of all trades, master of none", or someone sees that you are familar with product "X" and demands to know everything about it, down to which buttons pop up in which dialogs. Answer wrong here, and the interview is over, especially if its the interviewer's pet program.
Making targeted resumes helps a bit, but its annoying to lose jobs to others who you know in the industry have zero clue what they are doing and have zero experience with stuff... but are able to spit out keywords like a Googlebombing website on their resume.