Received it this morning, 20 Mar 13 (first day of spring) and I have gone over the bag thoroughly. I love the look and so will my 7 yr. old son (who the bag is for). I could only find one flaw in it so far and that was when I pulled the bottom inside insert out. There is one location on inside bottom where it looks like a hole in the fabric when held up to the light. When looked at from the bottom you see nothing. The fabric seems to be some very thin, very light material that has a vinyl backing of some sort. Without ever having used it yet, there are creases already worn into the inside of the lining. This has me wondering how durable it will really be and if it can live up to the stitched on badge that says Heavy Duty Extreme Pak. I just soaked it down to see if it was actually water proof, and it is, with the exception of the afore mentioned see through hole. Where there is no vinyl, there is no waterproofing. I didn't expect mil spec quality for the price, $17.00, but I didn't expect it to be disposable after only a few months of regular use either. As for the smell that is mentioned in previous posts...  it seems to be the vinyl backing that is giving it off. I don't find it overly offensive or overpowering, but that's just me. Some people are very sensitive to chemical type odors, so keep that in mind. I will update this review after it has been used a bit to see how well it holds up to a 7 yr. old Cub Scout using it as a weekend bug out bag for camp.

31 August 13 update: Seams are ripping apart after very minimal use...  the bag is too flimsy for any real world use, not even suitable for a kid's toy! GARBAGE, steer clear of it!