*shrug*

Take a look at Banjo Brothers. They have waterproof backpacks that were designed with cyclists in mind and cost less than a $100. I used to have a size Large; lacked organization that I craved and was a bit too big. I like the looks of their new Metro, but I suspect that it may be too small at times. Then I found out about the Captain Phil from All-City Cycles- it's essentially a deluxe version of a Banjo Brothers Commuter 'pack. Just need the $$ to get my hands on one.

Banjo Brothers will probably be your least cost option for something that suits your requirements and not have to mess with a seperate rain cover. However, you will sweat tons with this pack. If you want your back to breathe better, then pony up the dough for a MSW or go with something that needs a rain cover. Osprey and Deuter make good packs if you can tolerate keeping up with a rain cover.