The actual bag itself is as comfortable to wear, the fabric is as tough, the zips haven't broken and it carries the same kit transferred over with no more free space, despite what spec says. It's even suspiciously similar in construction. The bladder isn't as big, granted, and the Camelbak bladder is better quality, but that's easy to replace and still cheaper. Honestly, I was expecting problems and far worse and it hasn't materialised.
Memories of working in a cake factory as a student. Memory Lane version = middle price, M&S version = top price, Sainsburies version = cheapest. Same cake, different box. Same production line. Camelbak is better, but not by much an no way enough to justify the massive markup. Seriously.