which one is the most understated and elegant of these two?

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By the fact that they are full of monos, I don't see how anyone of them is understated

If you love the shape and want to stay off the radar, then I'd say LV's SC bag or find a DE print
 
Neither is understated... both scream the brands, it's just the Gucci brand is less well-known as one people "aspire" to.

Have you looked at high-end Tumi? They have marvelous luggage, including all-leather black duffels; they have amazing warranty, and they're well-respected especially among businessmen. It's tres chic for businessmen to sport their $500-$1000 Tumi luggage and briefcases with $5k-10k watches. And you can get it monogrammed.
 
I like both and have both some LV mono luggage and Gucci GG-print Bostons of both sizes. The fact either one is canvas will keep the weight down, something really important with these large pieces.

I think both shapes and monos of both famous houses are classic, they will both go with black or brown/ casual and smart but

1. The Gucci will go with other pieces in your collection from what I've seen

2. It is a little more subtle
 
Gucci looks nicer but both not a discreet bag. I'm just basing on looks and proportion of the bag - the Gucci's spacing of handles looked nicer than the LV for some reason. LV mono is also so overdone....
 
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