Yes it is.  I actually have three - this one, the most sturdy, a slingshot which gives easy camera access but no good for any length of time with the weight on one shoulder (it slides too) and I have another which has the compartments in the bottom half and then a bigger section for use a a general rucksack.  Really good but the straps are not very wide so it isn't good for lots of walking with weight on your back.

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