I got this today and it instantly became one of my favorite bags of all time.
This big bag is convertible into a great-looking smaller bag. There are two sets of handles and two sets of shoulder strap hooks. When you use the lower hooks for the shoulder strap (or the lower handles for carrying it) the top portion of the bag collapses perfectly into the lower part of the bag. When you need it to be bigger, use the top handles or hooks and the top pulls out. The bag itself is slightly padded and is a good size for your regular purse contents plus a netbook or laptop. When opened up to full size it's a big bag, but it doesn't feel cumbersome. It's comfortable for me, and I'm only 5'4".
The hardware is good quality and the bottom seems to be a vinyl, which is good. The nylon bag is wonderfully kid-glove-soft and feels great to the touch. All-over quality is excellent, including hardware. This is a great bag for daily use and I would recommend it for anyone, any age.