I posted this to my blog but since there wasn't many reviews of this bag, going to add it here as well. Please feel free to PM me questions or comments.
(I'm splitting this up in multiple posts since there's a limit of 8 image tags per post)
Thinktank Speed Racer camera bag review
A waistpack?
The 80's, neon, roller skates and old men. Those are images I picture when I hear the words “waistpack”. You don't see many people wearing them, except for joggers or maybe that shopper who has bundle of coupons within arms reach. So when I ventured on the idea of a bag that actually can hold a decent amount of gear, yet not become too much on my shoulder, I didn't think it would have been a waistpack. I broke my collar bone three years ago but still can't carry things on my right shoulder for too long before it gets sore, and that's the shoulder I usually carry bags with.
Searching for the perfect bag
My experience with camera bags is like most people, I went through a few shoulder bags, the classic block shapes with a usually thin strap holding my gear. After a while I found that carrying the amount of gear I wanted on the trip was not as easy to hold. In most photo trips I took, I was doing lots of walking and lugging a bag over my shoulder wasn't comfortable. Soon I tried backpacks but then I ran into another problem, you had to take them off to get to the camera. I also found that backpacks in general were usually really bulky and deep.
Also for the backpacks that are thinner, they can barley hold a standard DSLR with battery grip attached, which I normally equipped on all of my cameras. Another solution I researched was the new sling style bags, a cross between a standard shoulder bag but worn like a messenger bag. I liked the idea but many of the slings were too small to really carry enough gear. Also another problem they put too much pressure against one shoulder.
Benefit of the waistpack design
My only experience with waistpacks has been playing paintball. The paintball pod packs designed for carrying paintballs are usually waistpacks, they are pretty easy to carry over 1,000 paintballs and still run around without any stress on your back. From searching B&H's catalog and other sites, I found a few camera bags based upon this design. After much research and debate, I ended up purchasing the Thinktank Speed Racer waistpack and going to briefly go over the design here, also touch on how well it works.
Intro to the Speed Racer
From Thinktank's web site, the Speed Racer
is their camera belt pack, that is built around one major compartment vs their other designs that are built upon a modular design of smaller packs. This is more personal preference but I wanted something less busy and simple, just one larger pack than buying packs for each item I'm going to bring with me. Important to note that you can add packs to the Speed Racer if you want.
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is just how many lenses that this bag can carry? Or, is that where you mentioned the expandability of it, to then have more compartments for more gear, per needs? Granted you did state 
... as long as I can safely, securely, happily get body + my main three lenses (one of 'em attached to the 50D) + accessories in there, that sounds positive route. Will head to local brick 'n mortar to try these out options out though to make sure. Your real world use and perspective are helpful, thanks.
