Hmmm, between these two bags I think it comes down to what you'd envision carrying in them and what wallet you use. If you have a small card case you typically use and need more width in a bag, I'd go for the camera. But if you are okay just removing cards and putting them into the WOC for the times you are going to use it, and everything else you carry is really slim, then the WOC.
Like you, I don't need a little nice bag often but thought a WOC would work...then found that my phone, a lipstick and reading glasses (which is what I would need to carry for a night out for example) won't fit. But like you say, you have to Toy Loulou...
Do you think the Pochette accessories style would fit the bill? If you want something in that size/style but just not monogram, what about the YSL Bill pouch?