Today KM mentioned this new Timbuk2 product, an 'old-school' musette bag made from "soft pre-washed cotton". He also mentioned the similarity to canvas army surplus bags that people have been carrying nigh the years.
In fact, I myself have a army surplus bag that I've used for a good while. I bought this German bag after college as a means to carry bike crap w/out having to have racks. It's pretty handy and will hold a U-lock (or cable lock), wallet, glasses, keys, camera, etc. with ease. I bet it's bigger than the abovementioned Timbuk2 bag. It's large enough for a paperback book as well. Of late it holds the astronomy binoculars. I like mine better than the Timbuk2 bag, and it's way cooler too. So cutting edge I'm bleeding.