I bought one of these bags when they first came out, and I loved it. The only thing was, they then bought out the DISCarrier, which is a very similar bag with a larger capacity, so I upgraded (I love carrying stacks of discs!).
Both bags were pretty well-made (not as well made as the Revo bags, but we're talking half the price for the Innova bags as well!).
Basically, as long as you're not uber-rough with your gear, it'll last you a long time and is a very presentable bag with a good capacity and room to hold all your other DG stuff.
this is not because it is a bad bag. this bag is really good, but if you get a Fade Gear Tourney bag, it is pretty much the same size, stronger material, More colors, and costs a bunch less. Go to Fadegear.com and at least check it out.
oh, and if you want quad shocks which are good because carrying 20+ discs gets heavy, don't go for the phenix ones. If you get the Toolrider GSX gel suspenders, they are more comfortable, have more features besides just straps, and colst about half the price. Here is the link to the amazon store Here
I have one and love it, but now that I have built my own pull cart "to carry beer and plastic" I wish i would have got the DiscCarrier model, more for the big pockets on the ends, not so much for the extra disc space.
I had been playing with an older PDGA tourney bag. I got a competition bag last weekend and have enjoyed the reduced weight immensely. I don't think you'll be disappointed if you get one. But do spring for straps, they make a lot of difference during the round.
As for the fade bag, it does look remarkably similar, with an extra pencil holder.