A) This pack is great if you want to haul a large amount of camera gear as well as additional stuff you wish to take a long.
The camera compartment holds a body with lenses, a flash, and 4 additional lenses without a problem. Even able to fit my 8in 200-400 inside of the bag. The tri-pod slots on the back are also nice if you want to haul one along.
B) The top compartment also provides lots of storage providing plenty of space for personal gear, a lunch, and even in one case also a camcorder. It also of course contains the hydration pack area and a basic slot.
C) The dry bag will keep your camera gear dry in rain, snow, or if the hydration pack or something else decides to leak. It is actually rated to keep it dry if accidentally dropped into a river but I wouldn't suggest it.
D) The pack is well padded and has all of the proper tension straps and pads in all the right places to be kind to your back.
A) The zipper on the dry bag functions VERY badly at colder temperatures (5deg F) and trying to follow a winter race I spent more time fighting the zipper than packing up all my gear.
B) The Hydration pack is VERY small and poorly designed.
At just over a liter,if you are hauling in a backpack full of camera gear into the back woods you are likely to be left thirsty.
Prone to Leaks:
The design of the bladder chosen is also poor and is prone to leaking; it is the open the top and simply fold over the top a few times then use a binder clip to seal it.
Storage Area of Bladder:
The compartment for holding the hydration bladder is also not separated from the upper compartment like most hydration packs if it did leak it is immediately going to soak everything in the upper compartment. It also is too small to hold one of the bladders with a better seal design like from Camelback or another designer.
C) The size of the pack is a bit bulky and if you are looking for a lighter pack for carrying a camera and a lenses or two into the woods this pack is way too large. They need a smaller more mobile version with a good hydration system design and one that would be small enough to perhaps bike with without throwing off your center of gravity.
D) The back of the pack is not well ventilated and if even on a cold day my back got relatively warm with this on my back as it doesn't have enough of the modern ventilation design for the weight the pack is designed to carry, and especially as an `outdoors' pack.
E) The camera compartment may be a dry bag, but the upper compartment is supposedly made of a water resistant material, but I would feel more comfortable to still have an integrated rain fly (all weather cover).
F) Bag itself is heavy, even empty.
I think it is a good pack for short distance photographic expeditions into the elements, or for a canoe or rafting trip. Not one I would recommend if you are going very far with it on your back or one you are going to use in the cold. Definitely not worth the MSRP of $395, but think Amazon's price of just under $200 is reasonable for it.