^ From what I have read, the natural is more beige and the greige is more gray...I wear a lot of black so greige is perfect. I think if you wear shades in the brown family, the natural might be a better choice. (If this makes any sense )
your bag is gorgeous!!! congrats!
just to confuse people even more, there is also taupe from s/s '05. i have a taupe day and will try and post a pic for comparison.