Brian, good questions for those of us who carry a variety of FA items.
"Do you view the interior contents as disposable items and plow through regardless of the weather?"
Yes, most supplies are cheap in bulk and my trips are short; but they are grouped in tiny ziplocks, so regardless of the weather they will remain dry. My external pouch is not, but it is inside my silnylon pack.
"Or do you shell your FAK in the latest fabrics? If so? What fabric do you recommend to keep the water out?"
I tried Aloksacs, but the single-rail zip tends to pull open when flexed, IME; I soaked a wallet, a camcorder, etc.. They haven't updated their sealing system in years, while other companies have continuously improved theirs.. Freezer Ziplocks with their double color/double seal have never leaked and I use them for larger items (although no longer in my aid kit because it is smaller now).
To hold my kit, I use a zip pouch I got at the $1 store, stacking pill cylinders (also $1), and added a laminated card with the "red cross" so others can easily identify the kit. Its heavy at 150grams, but having just the right medication on hand has relieved a lot of suffering; usually not my own. This is the kit I keep in my Every Day Carry bag to and from work.
"I've also been told Zip Lock's can be used but I'd be hesitant to use them as an exterior shell due to, what I perceive, a durability issue."
Slide a freezer ziplock into a similarly sized zippered nylon pouch and you have a system similar to Adventure Medical, and just as good.
Heres a couple pics of my current configuration..


and if you're interested, the contents:
