just got the hip pack from siera trading post today (http://www.sierratradingpost.com/p/4305,70059_Clear-Creek-Streamside-Hip-Pack.html).
i'd figured i'll give it a try since the price was hard to resist. for those who like to go light and compact, this is a perfect pack for the price. lots of space with just the right amount of pockets and compartments for fly boxes, leaders, tippets and accessories with a bonus large fold out fly patch. the large pocket has a velcro compartment divider (see inside pic view) so you can put larger boxes inside or folded rain shell.
the product description doesn't say it, but the bottle pouch slides up and out so it's not permanently attached. there are also 5 D-rings for those that like to dangle. use the detachable shoulder strap or use the belt loops with your own belt or with the provided belt.
as for the sturdiness of the material, i don't think it will last for the hardcore. the nylon and seams look to be nothing special. but, it should do fine for me as i like to keep it light and simple for the quick short trips, and occasional long trips.