I have the toy lou lou so I am biased. I prefer the fact that the strap is removable. I have replaced my strap with a chain strap and this makes the bag very versatile for day or evening. I also love the square shape of the bag and the fact that it is a puffy little bag. It is so stinkin adorable! I have not had any wear on mine yet, but I think that since the corners are folded leather it’ll show wear there eventually. This is not a con for me because I have a lot of bags that I rotate regularly, but if you don’t then it may concern you more.
The ysl camera bags are nice, but the style of a camera bag just looks casual to me even with a chain strap. IMO, it’s less versatile for that reason. One thing that may sway you towards the camera bag is that it has one spacious main compartment while the toy lou lou is split into two compartments. They camera bag may fit more, but I don’t know for sure. Not sure about wear and tear on the camera bag either.
I have the camera bag and I like it. But if I were to choose one, I would go with the toy lou lou as it fits a little more. I also like that you can remove the leather strap and use a chain instead to change up the look and make it dressier.