iI would agree that the Side adjustment strap on the timbuk2 does not appear to be as handy as the front adjustment one on the Chrome bag. I don;t know how the phone holder and key/wallet holder which I use on the Timbuk2 would work if I had the strap adjustmer on the front.
As for Velocity bags, made by Ortlieb, good brand, I have thier paniers. Have not seen the Velocity in the flesh, but Ortlieb as not big into pockets etc, they concnetrate very much on a lighter waterproof bag. I like my pockets on the Timbuk2 for all my bits and pieces. It is great when one takes it travelling. It is more of a modern lifestyle bag.

Brian