I've never been one to go for the 'it' bag, although it's always fun to see what earns the title from different magazines.
I love bags that aren't commonly seen, often undervalued or under-media-exposed designers whose price tags don't require a mortgage payment or forking over a kidney to pay for said bag.
For example, I love my Coach leather bags but am enamored with my new Belen Echandia Love Me in dark grey--I get so many compliments, though people don't know the designer. It's like my own well kept secret!
I love quality handbags and am willing to pay a good price for them, but am incredibly insulted by handbag designers who keep raising prices on loyal customers just to see how high they can go--there's no extra value for our hard earned money in that equation.
Ooh--sorry for my mini-rant...
I would guess that the next handbag will gain acclaim by being photographed by a well known celebrity, who was likely given the bag for free!

Isn't it funny that the people who have the most money often don't pay for the bags so that the rest of us regular working folk WILL pay for them?
I do admit to enjoying reading magazines to see what is up and coming; few things are as much fun as finding your own 'it' bag, whatever it may be!