I should start off by saying that I got this item free when buying a Nikon DSLR, I doubt I'd have paid full price for it.
The bag has a main compartment with two moveable dividers that fix in place using Velcro. This is enough room for a camera body and two lenses. The dividers can be removed to make one large space. In addition it has three full length external pockets - two small zipped pouches at the front and a full height open pouch at the rear. It also has a full length internal zipped pocket in the top flap. The unit is finished off with two rubber strips on the bottom that act as feet and a detachable, adjustable, strap with a shoulder relief pad.
The bag is padded, but not deeply, and I've no doubt it's water resistant.
The Nikon logo on the front of the lid is in black on a black bag. Certainly discreet.
I've had no problems with this item, it does what it's meant to do, but functionally it's nothing out of the ordinary and it looks plain in black with a blue-grey trim. I'm sure you could buy something as good cheaper.