I have this bag in white and black. It is called the Loop. Obviously I like it a lot! I don't like the other cervo hobo because I prefer bags that are wider rather than tall. I also have a predecessor to this bag in grey. (Similar shape, but it has metal rings where the strap attaches. The current design has leather loops, which is nicer.)
The strap on my white one is very soft, while the strap on the black one is stiffer (it must have some kind of lining inside to stiffen it). The straps don't stay on my shoulder very well, but I have very sloping shoulders and nothing, absolutely nothing stays on, so I'm used to that. (I'm quite jealous that other people don't have bags slide off their shoulders!) The strap is flat and fairly padded; I don't find it uncomfortable even when I'm carrying a lot.
I love the way it folds in half when worn - very slouchy. It is definitely a casual hobo. I guess it it fairly large.