> I picked up recently one of the knock offs from CheaperThanDirt.com.

You're talking about the Molle Urban Deployment Bag, right? (330, 302, etc, depending on color.) I'm not seeing a way to use that out of the box as a fanny pack; looks like shoulder strap only. I'm interesting in the fanny pack rather than over the shoulder - am I missing something on the Molle (I hope - it's waaaay cheaper).