I'm not either. I posted both this and the smaller size in the reference section too- I think I prefer the smaller size. BUt to be honest, Betty is still calling my name over these and that new tote. Cannot wait to see them IRL!
I like elements of it, specifically, the rounded corners and the thick piping.
I don't like the fact that they've mixed three shapes - the rounded square overall shape, with the circular turn lock and the lozenge shaped piece of leather. One or two graphic shapes is enough, IMO and would look more cohesive.
I also think it would look better if it was less square and more of an East-West rounded rectangle (but still had the piping all around the edges, unlike the smaller one). I would also prefer longer handles or a shoulder strap, personally.
With a few tweaks, I think it could be OK, but as it is... :s