I am not sure if I found THE bag yet (yeah, laugh all you want) but I decided to give PacSafe another try. This time it's a VentureSafe 25L GII - not a photo bag but easily convertible into one courtesy of Crumpler Haven L or M. I am not going into the details of how safe this thing is (sigh...) or all the little features it's got. But I found it for a good price at Campers Village in Edmonton, Alberta and I couldn't resist a $100 discount off a total price of $150. (I suppose it's because of the odd color, but I don't mind it as it's easy to spot in a crowd and less prone to be stolen.) For your pleasure, attached are images of the bag next to the Crumpler Haven L insert, which I use to haul an EM-5 with grip, four lenses, a flash, batteries and a cleaning kit. Aside from the Haven, the bag holds comfortably a first aid kit, a sweater, a soft shell jacket, a MacBook Pro 13 and two water bottles in the side pockets. The front pocket has enough room for an iPad and other whathaveyous, like a snack bar, keys, map, phone, wallet or the like. If I carry the Haven M (with one or two lenses only and the EM-5 without the grip), I can also squeeze a short tripod inside the main compartment. If you need a hydration bladder, the laptop compartment has a velcro attachment point for this very purpose, as well as a port to let the drinking hose out. However given my previous experience with hydration, I'd recommend you carry said bladder in a waterproof pouch just for the peace of mind.