I would actually rate it a 4.5
The pros:
It has 6 pockets, 5 of them usable.  The secret pocket in the back holds my passport.  The next pocket is just right for my Kindle Touch with lighted cover and two pens. (It has nice little pen holders there).  The pocket in front of that perfectly fits my wallet, pack of tissues, iPhone (that's in an Otterbox Reflex case) and iPhone cords. There's an inner, zipped pocket that holds thumb drive and keys. The pocket in front of that holds my odds and ends.  Who would think that such a small bag could hold so much.  It's practically the TARDIS.

The belt loops in the back of the bag that make it convertible to a waist-pack are big enough that just about any belt can be used.

The cons:
Although it can be used as a waist-pack in a pinch, it's rather clumsy for that purpose.  It pulls away from your body.  The shoulder strap is meant to be convertible for the waist-pack but doesn't feel secure and it has to be adjusted.  I purchased a webbing belt to use when I wear the bag at my waist.

The little front snap pocket is practically useless.

The fabric does not seem very sturdy.  I expect it to fall apart in about a year, at which point I hope this exact Baggallini is still available.

Update
It's February 2013 and I still love this bag.  I have since bought a very professional-looking, designer bag but I rarely use it.  I prefer the Baggallini.