I originally purchased this bag in 1989! Before you could make it into a backpack. I loved it I used it loyally for almost 10 years ! Then it was stolen. So I decided to try other makers & bag styles. After another 10 years I went back to Manhattan Portage. Sorry to say that the bag has gone down hill.
The 2 pockets under the flap are smaller and taper in at the bottom. The zippers are all not as "butch" which worries me but only time will tell. I'm glad that the expansion fixture is unchanged it was why I bought the bag 20 years ago and why I bought it again. The webbing underneath the expansion zipper was wider which gave the bag better shape both expanded and un-expanded.
The new small pocket at the top of the bag is great for phone or mp3 player. I wish it was lined with a softer fabric. The strap seams stronger and better padded and the plastic clips have been replaced with metal (the plastic clips are the only thing that ever failed on my old version).
I did the inflation calculation and the bag I got in 1989 would be about $160 now which I would pay if it was of the same quality. This bag is about right at $115.