That's the bag I use. It's a great bag for my kind of travel but really not a great back-pack (no frame for structure or support).
I carry mine three ways. If I'm walking less than 50 meters, I just pick it up by the handle and treat it like a soft sided suitcase. If more than 50 meters to about 1/2 mile, I just use one of the backpack straps and sling it over a shoulder (this is the way I carry it most of the time). If I'll be walking more than 1/2 mile, I use both straps and the waist band. I leave the extra shoulder strap at home.
The biggest problem for me is it's structure. It's light and has no frame. I use my packed shoes in the bottom (as I'm wearing it) left and right sides, to give it some structure. I roll my clothes and pack them vertically with the heavier stuff in the bottom of the bag. Once packed. I cinch the bags compression straps tight to help give the bag some rigidity.
It's still only slightly less of a sack of potatoes than Rick's classic bag but most true backpacks can't be carried on an aircraft. Since my trips aren't really "backpacking", I've been very happy with the bag's performance and how it has held up through numerous trips.
Here's what I pack on a typical trip: