Watching where I ride and inflating my tires for every ride seems to work pretty well. The number of flats I get went down when I started following Michelins' tire pressure guidelines for my weight, running 100psi instead of 110 or 120. Rolling resistance is at least as good as far as I can tell, and it's a little more comfortable. By watching where I ride I mean looking at the road for rocks etc that are a danger to tires, not avoiding unpaved or rough roads.
I carry a pump, tube, Park glueless patches, and a couple "boots" made from old Tyvek race numbers. I've only needed a boot once but I have given them out to other riders.