Hmm, just found this thread, thought i reply to add some insight to the bag (I wanted to add the review to the reviews section, but somehow it still hasn't come on there.)
Anyway, the bag is damn watertight; you can notice this also when you close the bag and squeeze it, it hardly lets any air out and baloons a bit.
So keeping the water out should be no problem whatsoever.
But indeed, the webbing for attaching it to a belt for instance is a bit fragile imo. The loops for the shoulder straps look much sturdier though.
The only thing that bothers me a bit is that getting the camera in and out (Canon 40D with Sigma 15-30mm zoom) can be tight and takes some fumbling. But thats a result for having such a watertight closure. Also, there are no small pockets inside for little accesories, like the memory card for instance.
Conclusion, very well built, feels decent. Does the job thats it's designed for, but is a bit on the tight side compared to other similar 'normal' camerabags with top-lids.