I actually just bought the palermo pm two days ago and I LOVE IT! I have a 5 year old and a 16 month old and I can hold everything in it that i need. I have a diaper pad that folds up and holds a couple diapers and wipes in it, I have my full size wallet, a small louis cosmetic bag, cell phone and a few other small odds and ends in my palermo pm. My bag is full but not crammed and it does not feel too heavy at all. Oh and I can fit a sippy cup in it.
I am a small lady, 5'3, so the GM just looked too much like luggage on me. I find the palermo to be the perfect size for me.
I went to a LV store today to try it on, and I really liked it. Unfortunately they only had one left which actually started to patina. The SA said I could put a new one on reserve and they could get it in. So now I have about a week or so to think more about the bag (since i'm still not 100% there yet), before I make the splurge haha. It's great to hear you can use it as a diaper bag too (even though it sounds like it's good if you're out only for few hours), since my hubby and I'll be planning to start a family soon. Yea, GM was HUGE on me as well (I'm about 5'4", 113 lbs).
It's definitely one of the most versatile bag I've seen...!! I have no other alternatives in mind... I like neverfull, but 3 ladies at my church have them and 2 of them have popicorn hut (I like, but I'm afraid it might be a little too small), so it's good to be different right? ^^v
I like the neverfull damier a lot and might get one in the spring but as for right now the zipper on the palermo is what i need, my very busy 16 month old loves to get in and out of my purse so I need something with a zipper!