I always hang my pack HIGH in a tree and my supplies are in a H20 proof silsack also hung high, but, away from the pack. I keep ONLY what I NEED for night time in my bivy or tent and I even use a different tent for summer than my winter Integral Designs MKI-XL as I will sometimes cook just in front of it's door and food odours may permeate it's fabric.
This is pretty much S.O.P. here and when a fair size Grizzly came into our camp on a horse packin hunt in Sept. '07 at about 03:00, there was nothing for him to get and only two armed and POed guys to yell at him to "bleep off, you bleep, we want to sleep!!!" He did, too, although I think the stabbing glare of my LED light helped.
I have a "base camp" of a Kifaru 8-man tipi, with large stove, liner, mossy netting and various horse/plane/boat packable accessories; this makes a VERY comfortable camp for two when on a long wilderness trip. I also have a Hilleberg Saivo tent plus an XP-20 tarp and this goes with it. We cook and eat in the K-tipi and food, etc, NEVER goes near the Saivo, as we sleep in it and I am adding an Electroguard bear fence for the whole camp, this coming year.
This is a pretty serious riggin and not UL, but, for actual living in wilderness and enjoying life between forays into the surrounding country, this is THE way to go and I still hang everything, especially my expensive pack(s) as mice, pikas and Packrats can really damage them, if left on the ground.
I figure, the less odour, the fewer fuzzybutts bugging me at night.