I've owned the the 2003 model of this pack for about a year. The biggest con is its weight, nearly 7 pounds. The positive side to this is the suspension is just so damn comfortable that you don't notice that extra weight. On level ground its like you don't even have a pack on. Part of the comfort comes from the heavily curved, very stiff foam in the hip belt, though if the curve of the hip belt doesn't match your curves then it might not be as comfortable for you, so make sure to try before you buy. The pouch on the back has a drainage hole for putting wet gear in, it also will hold a 6-pack and about 3 pounds of ice easily and will keep the beer cold for a few hours if you stay out of the sun.
There aren't very many pockets, which is annoys me a bit as my usual packing strategery is to just toss everything into the pack and I have trouble finding things sometimes.
All-in-all I've got nothing bad to say about this pack, perhaps not worth the $370 (I paid $250) but its crazy-comfortable and looks (after a year of abuse) like its going to last forever.