To help answer your questions I took some pictures so you can see the bag as it is. The inside pouch snaps out and the snaps are strong but it doesn't have a catch on the flap. For my uses, I think that is a good thing. However, anything of value I put in a small wallet at the bottom of the bag. When carrying the bag on my shoulder I usually find I hold onto the straps. Since the bag fits close to the body at the top it is fairly safe as open bags go but professional pick pockets can get into almost any bag. The one thing I can answer for certain is the bag does not collapse, either of the ones I have.
Attached are some pictures to help you decide.
Two of the pictures show basically how good the leather is. I did not treat the leather prior to carrying it which is unusual for me. I spilled a latte on the bag, inside and out. The one picture with the streak is part of the damage and the one following it show how it cleaned up with no damage. The final picture shows the items I had in the pouch today.