I bought this backpack when I got my first DSLR almost three years ago. Since then it's been on 20-plus trips with all my gear in it. I've noticed that the padding is starting to wear thin, but then again, this bag was $35, and has stood up to some hard use in the past 2.5 years. Definately a great bag for light loads. I'm keeping it around for quick trips where I don't need a majority of my stuff. But I've since upgraded to a Lowepro Computrekker Plus AW bag for my two bodies and notebook computer.
As for it's drawbacks, a few bucks and a few minutes of your time, and they are eliminated.
Zippers - I went to Wal-Mart and picked up a pack or small Coleman carabeeners (snap hooks) in the camping secton and just clipped my zippers together so they coudn't open.
"Steal Me" logos - I went to the local mall and went into one of those trendy stores, and bought a couple patches as pins to cover all the insignia. Those few things really changed the look of the bag and stopped screaming camera bag, and started screaming "Huge dork who likes his soda, watches too much Cartoon Network, and shops at trendy stores in the mall."
Tripod straps - I went to the local surplus store and got some 1-inch nylon utility straps, and a couple QR buckles for under $5, and made quick release straps for the bottom of the bag. Worked quite well, actually.
As for the padding wearing out after hard use - The bag costs $35. How much durability do you really expect from a bag that is half the price of its cheapest rival? At that price, you can afford to go through one a year and still be ahead.