One of the guys on my "old timers" team uses this bag and so, although I haven't used it myself, I have had an opportunity to see it up close.
It is a HUGE bag and agree that it would be good for those that port in lots of gear. Also, since it's designed for hockey gear, you know it can take abuse. The straps for the rod and paddle would also be cool, but like all things related to canoe trips the number one thing for me is comfort and this is where it lacks.
The downside is the construction and design of the shoulder straps. They are far too small for the amount of weight the bag is expected to carry. Add the fact that there is no waist belt and IMO this will cause unnecessary shoulder/back pain. Not a big deal if you are carrying hockey equipment from the car to the dressing room, but a different story for any 500M+ portages.
This is a good deal if you are looking to save a few bucks, but I prefer to spend more now, so I can spend my time in the park focusing on the trip and not pain.
Just my 2 cents.
Jim
http://www.algonquintrips.blogspot.com