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The bag this one is replacing is a bit larger and has an outside pocket which I use as a rolling piggy bank. I've taken to dropping two or three bucks in the pocket every time I go out for a ride. Kind of my low tech way of saving a few bucks to replace cables, tires or what have you.
The M Wave small saddle bag doesn't have the pocket but it does have a decent space to put in the patch kit and tire levers but it was a bit of a squeeze to fit my Topeak Alien tool in along with the other two pieces. But it did all fit and that's the important thing since the Topeak is my be-all do-everything tool and I really do not leave home without it.
Attaching it to my saddle and seat post was easy, fast and results in a really secure, snug fit. The velcro straps go up and over the seat rails and then back down along the side of the bag to make an easily customizable fit. I'm not sure how the velcro would hold up over the long term if the bag was moved from bike to bike with any regularity but, if it was going to be left on a single bike then I can't imagine it loosening up anytime soon.
One really nice thing I like about the little saddle bag is the bottom of the bag that is exposed to the wheel and all the mud it throws off is curved and non-porous, unlike my previous bag. This means it'll stay cleaner, drier and nicer looking for longer.
All in all, its a good upgrade from my old bag. I might wish for a little extra space and a wee pocket to stash some duckets but I'm not complaining as it'll look good for a good long time.