I found some time to try one on today, and to my surprise, the large actually fit my waist. This is the first large of any pack that has actually fit this well in the torso AND waist. (21.5 torso, 32 waist)
I loaded it up with my gear, plus ~12 lbs. to simulate consumables, and it was incredibly comfortable. I think I had about 28 lbs. in it. Between 20 and 28 lbs, I could tell the pack was bulging a little more (none at 20 lbs), but after putting it on and tightening the load, it wasn't really noticeable. I think this pack, as already mentioned, is a great step in the direction of lightweight backpacking from a major manufacturer. Certainly not the lightest, though.
The front pocket fit my tarp and bivy incredibly well, the top lid held my rain jacket and wind jacket, while the body of the pack was plenty spacious for my quit, pad, small items, and a load of winter clothes. There was room to spare (not much) for food in the end. So for a guy like me, just getting started and on a tight budget, this pack is a win all around. I can imagine a summer load would offer a lot of room for consumables.