I bought this bag a little under a year ago so I've had some time to get to know it.  Overall this is a good, sturdy duffel bag.  I haven't had a chance to test its waterproofing, but it does look like it should hold up to the rain well.  It holds a lot of gear, and it is comfortable to carry.  It is a great addition for camping, motorcycle luggage, canoe camping, boaters, or any other outdoor activity where you may need waterproof storage.

My main beef is with the roll top closure.  If you even slightly overstuff the bag it is difficult to close properly.  It makes it hard to gauge what is and is not full/overstuffed because there is a LOT of excess material for the roll top closure.  It seems like a waste of material.  I'd prefer a zipper with a little extra flap of material over the zipper for waterproofing like some competitors use.

Overall, it isn't quite a 4, but it is better than 3 stars.  I rounded up since overall it is a pretty good bag and the price is terrific (what I'd have bought instead is the more than double the cost North Face Base Camp duffel).  If I was buying again, I'd be pretty split between this and the more expensive North Face (just like I was when I bought it initially), I like it but I think I'd like the North Face better.  I'm just not sure I'd like it $80 better.

Edit Jan. 2017:
I've had this bag for going on 4 years.  It is durable and has really held up well.  It is in nearly new condition and I use it every time I go camping (many times a year) plus it is often used as my luggage on non-camping trips.  On the other hand, I still have my original complaint.  With the roll top closure it really is a large waterproof dry bag.  If  you are going to use it for canoe or kayak camping it probably makes sense if you want to keep your stuff dry if you capsize without filling your duffel or backpack with a ton of small dry bags holding your stuff.  On the other hand, for car camping or motorcycle luggage it is probably more waterproofing than you need and it is not very space/material efficient.  For my purposes, and with the online price difference between this and the North Face option narrowing, I'd probably go with the North Face if I was buying again.  Though, I do hope to do some kayak camping soon and this may be just about perfect for that.