Fern, you got an excellent deal. We retail that same bag (not that color, black and beige) for around $55. I've never seen PacSafe bags in that color before.
You will find the bag lies close to your body and is quite flat, doesn't really expand much at all. Fine for a travel book, papers, etc... It may not hold a water bottle unless the bottle is small.
BTW, ebags is just another seller of PacSafe, they do not own the brand. PacSafe is sold in luggage and travel stores and other outlets, such as TravelSmith and Magellans (although I think some are now branding their own, probably buying from PacSafe manufacturer??)