I just received mine with the Oyster White bag. Very natural appearing canvass, doesn't seem waterproof. Sleek nylon lining with zippered wallet pocket inside. The two buckles on top are meant for adjustment purposes only, and conceal a couple of magnetic snap closures, quite ingenious. The rack is brilliant as well; the extra top rail allows you to attach bags with a lower c.o.g., and the other little horizontal member near the bottom provides a mounting point for Axiom panniers or any bungee.
Unfortunately for me, the rack is designed to be mounted through the QR skewer of the rear wheel and so is incompatible with my recumbent bike, whose kickstand bolts on to the left rear dropout just a bit too close to the axle for the Tourit to attach there. Not to mention, even if It worked, I'd still have to purchase a new, longer QR skewer to accomodate the extra width of the rack mounts. While I could just attach it through the braze-ons, this would raise the whole rack by a couple of inches, defeating that lower c.o.g. thingy. So I'll either have to return the entire kit and kaboodle to Sierra or sell it off somewhere. Am just sick over this as the Racktime Tourit is the best looking rack I've ever seen, and would work great for me too were it not for the QR mounting system. D'oh!