My first observation is that the given dimensions, 55x35x23 cm, make it a little over 44 liters, not 38 liters. That's about 2700 ci, outside, which is almost regulation carry-on size (2772 ci) for most US airlines. So you would have to be careful not to over-stuff the bag, as shown in the picture, or it would not fit in the sizer. The web page gives a capacity of 38 liter. The difference, 6 liters, is about 1½ gallons, or almost 400 ci (8"x8"x6¼"). The capacity differences don't add up. Nylon cloth is too heavy to explain the difference; maybe there is a lot of foam padding.
I like the cinch straps and hide-away shoulder straps, and I like the way it opens. The waist belt would be nice for over-packers, transferring weight from the shoulders to the hips, but for me, since I pack really light, it's unnecessary and just adds weight.
At 3½ #, it's too heavy for my tastes. I used to use a 1 lb 13 oz OPEC bag, but as I learned to pack less and less, it became too big, and, lacking compression straps, the load sank to the bottom of the bag. So I reluctantly switched to a 2 lb 11 oz eTech Weekender Jr. to get the compression straps. Now I am considering switching to a Hynes Eagle, which has compression straps, but weighs less than 1¾ lb.
Since they are marketing this bag in the US, it would be nice to have the specifications listed in units Americans can easily understand, but since they are German, I guess we can forgive them.