I felt the need to write a review of what is now my favorite camera bag. I've looked for a very long time for one that met all my requirements, and this one fits the bill. To summarize what I've been looking for:
1. Quick access to camera
2. Backpack-style for hiking/biking
3. Water access
4. Space for other items other than camera
5. Light
6. Waist and sternum straps
* There is a frame to the back panel of the pack separating the water compartment from the padded camera compartment, giving the backpack some vertical shape/structure.
* As previously mentioned by another reviewer, I fit a 70oz. Camelback bladder into the water compartment of the pack without a problem - there is some tightness at the bottom of the pack where the padded camera compartment bumps up against, but if you leave room in the water bladder to adjust the shape, it's not a big deal.
* I've found the waist belt to be a very valuable feature. My typical use case: I'm on a mountain bike and see something I want to photograph. I'll get off my bike, take my right shoulder strap off, swing my backpack around my left side while still attached to the waist strap, and quickly pull out camera.
* The camera compartment is nicely-sized for my needs. I shoot with a Canon 5D mk II and have attached the stock 24-105 lens. If I wanted to, inside the padded compartment, I can place a 580EXII in there with no problem. That side compartment has enough give where instead of a flash, I could fit my 70-200 F/2.8 IS II lens in there as well. Admittedly, with the 70-200 in there, the backpack bulges out a little bit, but it fits snugly. I found that with the 5D mk II, I didn't have to cinch up the camera compartment. I could pull the padded cover down, zip up the backpack cover, and not worry about my camera spilling out or anything. I value speed over snugness and whereas I might get a little more snugness out of using the padded compartment's drawstring, I get a lot of speed out of not using it.
* There are compression straps that allow you to attach either a throw or a fleece underneath the pack - I found that I could attach a Gitzo Series 1 traveler tripod underneath the pack with very little fuss.
* One mini-gripe - the construction doesn't actually feel like a Lowepro bag. For the target market, the fabrics used are very light which is great, and there's double/triple stitching in places that would potentially be break points, but a little more padding around the shoulders might be nice. That said, I don't REALLY have a problem with the straps.
* Found the larger non-camera compartment very useful for carrying snacks, a replacement bike tube, and tools. Also as previously noted, it's great that the compartment reaches all the way down to the bottom of the bag, but could be a little frustrating as well since you'd have to reach your hand down the top and around the padded compartment to reach items that may have fallen down there.
* There's the top cover over the large non-padded compartment that is zippered and that will store things like keys or protein bars.
* Also, as a sense of space, when I'm not taking it outdoors in the wilderness, I pack the water compartment with an iPad 2 which fits very nicely.
The one mini-gripe aside, this is by far my favorite camera bag for hiking and mountain biking. I would give it 4.75 stars if I could, taking it a smidgen down for what I thought could be studier build quality, but it's not a deal-breaker by any means.