When I am out walking around, I usually have my camera and three lenses with me in my ThinkTank Urban Disguise 60 shoulder bag. Typically the 7D and 15-85 is in the center of the bag,(or around my neck) and my 70-200 is in the bag on the left side with another lens on the other side. Everything is stored with the lens facing down.
To change a lens I first twist off the end cap off the new lens and place the cap somewhere in the bag. I then hold the camera with my left hand, remove the lens with my right hand, and place it in the empty compartment. Then I take out the new lens and mount it on the camera. It just takes a second to replace the end cap on the lens in the bag, and then start taking photos with the new lens.
This is all done standing up or even while walking.