This review is kind of late but I thought I would still put in my 2¢. I bought this pack from backcountry.com via geartrade.com ("unused but no tags" was the explanation -- maybe someone returned it without the original tags) in 2007 for a 6-month trip through Asia. This pack worked very well wedged in tuk-tuks in China, the back of a Russian 4-wheel drive van all the way across Mongolia, on my back while backpacking in the Terskey Altai Range of Kyrgyzstan and the Annapurna Circuit in Nepal, strapped in the gear raft while rafting down the Sun Kosi in Nepal, and riding on top of buses in India.
I am 5'2" and 112lb and the small fits me well. I just used the main bag and left the little backpack for this trip. When I started the trip the main bag was filled with about 30lbs and I was able to cinch all the straps down to the end. By the end of the trip, the bag was stuffed to the max -- probably about 40-45lbs and I had to sit on it to zip it up, but I could still wear it on my back comfortably for jaunts from the hostel to the train station. I also used it for backpacking/trekking with about 25-30lbs and was surprised that it also worked well in this capacity. Why? Because the shoulder straps, waist belt, and back panel are well-padded and all the compression straps allowed me to adjust the weight over my hips vs. shoulders.
The only cons I can think of are that 1) the internal suspension system uses metal (aluminum?) and on the corners of this metal frame, the nylon definitely gets worn out, and 2) when converting from travel bag to backpack, you have to make sure you completely tuck in the back flap cover and the zipper away, otherwise, it feels like someone is poking you in the back/waist. My husband has this same pack but the men's version and on 2 of the corners of his pack you can almost see the metal.
Otherwise, after a good wash my pack still looks fairly new. I still use the pack today for road trips and my husband used his all this past summer in his job as a trek guide.