First of all, I've no idea where the neoprene is. Maybe it's a waterproof coating on the fabric, out of sight; if so, it's overkill as polyurethane is just as effective and cheaper. If that's not it then I have no idea where it is.
There's a plethora of pockets, but as most take space from each other, probably too many. There's a pocket in the cutaway on the front, but if you're older than ten your hand is never going to fit - you might get stuff in, but you'll have a hell of a job getting it out again. It also steals space from the pocket immediately behind it - and vice-versa.
My 10" netbook is a perfect fit - you'd be really pushed for space with a 12" one. There's not a great deal of space for accessories either, as some interior pockets are ludicrously shallow. I've squeezed in a trackball by removing the ball, and the charger, should I feel the need to carry it, should fit in the bottom next to the trackball. That's only possible because it's a very small aftermarket charger - there wouldn't be a prayer of getting the OE unit in.
There is, however, simply no space for my very slim DVD drive - putting it into the only available pocket will see it crushed between the trackball and my netbook when I zip it up, and something is likely to be damaged. Luckily, most of the time there'll be no need to carry it, but if I'm going to be away from home, I would like to be able to carry a small external HDD - not a prayer. Nobody seems to have given more than a few seconds thought to the need for accessories.
Two of the main reasons I've marked it down, though, are the handle and the shoulder strap. If you use the former for any length of time it's such a tight fit that your knuckles will be rubbed raw by the very coarse fabric of the bag, and the latter is simply a strip of webbing, with no shoulder grip - useless, and as it's stitched to the bag, impossible to replace.
Overall, a potentially good product ruined by an obsession with pointless pockets and rubbish handle and strap. Omitting 2 of the pointless external pockets would have created more internal space - if done properly.
Oh, and I suspect the almost equally coarse lining fabric will abrade finish of my netbook if it's in there for extended periods while travelling, unless I wrap it in something much softer.