Ok, so Ive been riding a Mountain Bike these past few years along with all my goods in a backpack (mainly because I had to use a hydro pack due to no mount area on bike). Now ive gone to a lighter Road Bike, and have significantly reduced my load by ditching the hydro pack and mounting a water bottle to the bike, and have the following cargo to carry now;

a house key, wallet, Blackberry, foldout Allen Wrenches, spare tube & tire levers, CO2 pump w/ carts...

Its now overkill having so few items in my pack, so im wondering if I should goto a frame bag? Dont know if everything would fit tho and If I get a bag its gotta go on the frame not the saddle... I have room for my wallet and phone in my riding jersey... Any recommendations?

What do you do when riding? Bike mounted bags or backpack?