UK based True Utility offers the ultimate Dog Tag featuring a knife and other tools.

Maybe the US Army is deciding to equip their soldiers with these enhanced Dog Tags.

The multi-tool features a white 3mm white LED torch, Bottle opener (very important), knife with serrated edge, Screwdriver, Phillips screwdriver, fine and coarse file, Cuticle shaper, Tweezers, Key-ring chain and neck chain and 2 x long life Lithium batteries.

Measurements of these dog tags are L56 x W18 x D610mm.
The DogTag Tool has an MSRP of £14.99 (~$27.90).
More details on the True Utility site.