I'd say since you only use that long strap occasionally it shouldn't be a deal breaker that the handles don't fold down.
Look forward to seeing how you like it.
I broke down today and took home a Ralph Lauren bag. I'd been looking at these (after reading very positive comments about the quality on the
Prada subforum). It's more structured than the Frye satchel but the handles seem to fit on my shoulder and it cost a lot less. I just couldn't bring myself to pay the FP for the Frye bag. Not that I don't have the money... guess I just can't stand paying full retail (and I have too many bags)
When do you get your new bag? I love that color; red was very nice too but I think in the long run that brown will be great.