It's funny, all of these bag companies are in SF.
Gay-ness?

....me thinks perhaps.
Whatever, i'm not gay (I don't think

)
I'm own LOTS of Timbuk2 and Waterfield stuff.
I have both the portable and personal Muzettos (got them off Ebay cheap; you have to wait a LONG time for that

however)
The iPad2 will fit very nicely in the personal with 'certain' cases. It didn't fit the iPad 1 with the Apple case as that case added some dimensions because of the way it was made. But now the Ipad 2 is smaller, so if your case fits snug it will fit very nicely in the personal. These bags are not cases though, there's not a lot of padding but the leather is thick (but soft) and you could use it with a naked iPad.
It's a tough choice. But if your not sure just order the Portable, you won't regret that.
Mind you, the issue of masculinity keeps coming up with these. It's a valid concern as men are very sensitive. For instance, I will put the bag on on stand in front of the mirror and turn sideways back and forth, an then say to myself WHOA there boy!!! you ARE NOT a girly man on the catwalk......dude

. Some men will be too self conscious to use these. Simple as that. Are they right? Will people whisper "Oh that's Bill, he's gay" ?

. Probably
Ok so i've said more than you wanted. I wanted to get it off my chest. I'm a closet luggage lover.....ok I said it.