UPDATE: This item is an older style bag. Nothing is different about how it works. Only the way it looks. It is bigger and has a longer strap.
http://img72.imageshack.us/img72/9174/0056864c34e0451cae56fb1.png
Old style on the left. New style on the right.
(a huge thank you to Rook for making the photo for me for comparison)
Updated photo of the pouch dropped.
i42.tinypic.com/15q6rs9.jpg