UPDATED REVIEW - After using this bag for quite sometime, I really feel the need to drop this all the way to a one star rating.  The more I use this bag, the less I like it.  The quality and durability are excellent, so I cannot knock them for that.  However, here are a few reasons I am now starting to hate this bag.
1. The lining inside the laptop sleeve sucks.  It's this mesh kind of fabric that grabs onto the rubber feet of my laptop, and has even pulled the rubber feet off.  Anything with a sharp edge will get caught on this mesh fabric.  Probably not a problem if you exclusively use a sleek ultrabook, like a Dell XPS or Macbook Pro.
2. The 1 external pocket is RIGHT BELOW one of the should strap hooks, which gets in the way of getting stuff in/out of that pocket.
3. There is only one external pocket.  (not really counting the zipper thing on the bottom)  This is lame.  A good bag needs a velvet lined sunglass pocket.
4. The pockets in this bag are all stacked on top of each other.  If you put something in one pocket, it smashes into all of the other pockets, making all of them pretty much useless.  It is SO difficult to get stuff in and out of these pockets.
5. The buckle things to hold the bag shut are horrible.  A good buckle should be able to be operated with one hand.  These pretty much always require 2 hands to use.  They are not easy to use.  On a plus, they will open a beer bottle in a pinch.
6. The velvet lined tablet pocket is great, unless you have a rubberized protector on your tablet.  Then it's like the tablet is attached to the pocket liner with velcro.  Putting stuff in the bags main pocket makes this even worse because the space it tighter.

My original review is still below.  Bottom line, Timbuk2 needs to go back to the drawing board.  The quality is great, but functionality is extremely lacking, especially for a frequent business traveler.

This is a quality bag, no question.  Lots of neat features.  Probably too many pockets.  The "TSA compliant" laptop feature has a major flaw in that there is also a tablet sleeve in the same compartment as the laptop.  TSA insists on the laptop being by itself, so if you want to use the "non removal laptop compartment" feature, you can't also use the tablet slot.  I personally like the tablet slot.  However, the laptop compartment has a zipper right on top and removing the laptop is actually faster than the other option anyway.  I'd like to see some better business card holders that were specifically for business cards.  Some more spots to keep stuff that weren't also zipped pockets would be nice.  The external sleeve is for a water bottle but would barely fit a can of soda.  It makes a great spot to put your wireless mouse though.  It really needs a lined pocket for sunglasses that would be accessible from the outside.
Ok, enough critiquing.....the bag is still great.  Size M fits 14" laptop perfect.  Should strap is great and very easily adjusted.  Holds all my stuff and the metal flap fasteners not only work easier than clips, but they also works as a bottle opener in a pinch.