An update now that I have used the HPG bag for a few months...
This thing is great. I keep it pretty lightly packed, but having the ability to carry my pistol concealed at chest level is much better than trying to carry it in a waist holster. I usually carry a pistol, spare mag, lighter, compass, flashlight, keys, and a space blanket. It does get a bit hot in the Carolina summer, but what doesn't? I found a horizontal MOLLE pouch for my Leatherman, so it is easily accessible. I also found a MOLLE attachment for an action can, so my camera is mounted at chest level. It has held up extremely well...no loose threads or anything of that nature.
My girlfriend goes out researching with me, and uses the new HPG Snubby Recon. It fits her smaller frame well, and allows her to carry a M&P Shield and her phone, along with an ESEE 3 attached to the MOLLE in an Armatus Carry sheath. That pretty much maxes out her space for gear, although she does have empty space on the front MOLLE straps so she could attach some additional exterior pouches.
All in all, I think that either the HPG or the Emerson would be a great addition to anyone's gear... especially if you want to conceal carry a firearm.