We got one of these (or something VERY similar) when I was pregnant with our daughter. We used it for awhile and then noticed some things we didn't care for. It is a great size, but the pockets don't have any closures, so things tend to fall out. Because it is so large, its great for newborns when you're having to carry around a bazillion diapers (and we did cloth diapers which are much more bulky), but as she got older and needed less and less diaper changes, it became too big. With it being so big, it did get very heavy to carry around, and the strap became a little uncomfortable. Plus, little things (pacy's, some toys, etc) tended to get lost. We also didn't care for the magnetic clasp. Ours only had one (not 2 like in the picture), but because the bag doesn't have a zipper, if it ever fell over (and it most certainly did), EVERYTHING would come tumbling out. The changing pad it comes with is GREAT and we continued to use it even after we stopped using the bag because it folded up so nicely.
Overall, its not a bad diaper bag, and for the price, its a good value. I'm currently pregnant with number 2 and if the bag had a zipper in it, we would be in for one.