I used to use a fanny pack and a backpack. The FP was for my money, ticket, camera, lip balm, etc. The backpack was for ponchos, snacks, papers (ADR confirmations, etc) - basically stuff that was too big for the fanny pack and that I didn;t need frequent access to.
The fanny pack now gets in the way on rides w/ restraints (I'm not skinny but not quite what I call Pooh sized), so I gave it up when I found a new item. It is a small bag that has a long strap I can wear across my chest. It has the slots and such for my tickets, ID, CC, money, and a roomy pocket for lip balm, etc. I found my camera pouch (35MM, not digital), and I just slide it on the strap of the bag on the front of my chest, which gives me quicker access to the camera than I had w/ the fanny pack (velcro flap rather than a zipper and moving everything out of the way!).
I also found a really light mesh backpack at Target that replaced my heavier Eastpack type one I was using. It doesn't get hot and sweaty on my back anymore, and half the time I even forget I'm wearing it. If I know for sure the weather will be OK, I will try to get everything in the little bag and skip the backpack. I don't have kids, so I don't have to worry about extra stuff.
If I absolutely had to choose, I would go w/ a small backpack and get some kind of badge holder around the neck for tickets and other valuables.