Ironically, the day i read this thread, i was carrying a new camel-colored Tod's Bauletto, went out for lunch and got caught in the rain. It started pouring as we drove up to the restaurant. "Should i risk it?", i wondered. In the end I couldn't bear to let my bag get soaked on its first outing so i just grabbed my wallet & phone and left the bag in the car.
That said, last year i was caught in a torrential downpour in the middle of my son's soccer tournament. It was overseas, i wasn't familiar with the area, had no car to retreat to and there was no shelter in the field. Gosh the rain poured for what seemed like hours. I had my red Bauletto with me. It was drenched! But after it dried the next day, you wouldn't even know it got wet. Looked the same to me. And the contents remained dry, if a little damp. I just emptied it out in my hotel room and let it dry upside down, propped up by towels that i stuffed inside it so the handles wouldn't get deformed.