Thanks starkfan. I wear the handles towards the inside towards my body so you can't see them. I was just thinking that it does look a bit like the hobo. I wish I looked into this bag earlier because I really would have liked the smooth caramel color they had last season.
swt to answer your question all the zippers go from the front of the bag to the back of the back. The two outer zippers are not functional. They seem to expand the bag a tad bit when unzipped. The two inner zips actually have a shared space where you can put things. (check out xlana's pics...she slips her hands through the compartment.) I wouldn't put anything too bulky because it would probably bulge out.
I hope you get the one with the silver HW. I'll keep my fingers crossed too!