IMO, yes. The only thing missing, which isn't a big deal for me personally, is the lock. I read the leather used for the trim (handles, zipper, etc.) is a different, lighter leather than on the original. Its smoother but unless you had an original side by side, I don't think I'd immediately notice. I also read that the zipper is different but I see no sacrifice in quality, anywhere, with this 2nd generation. I carry it as a shoulder bag & find it yummy & comfortable, which I could not say about the 1st generation chalk that I tried desperately to make work. Others may feel differently but this is just my personal opinion.