As a Dyrt Ranger I am given products to test from time to time. I photograph a lot on my adventures with a DLSR and noticed the Matador Base Layer, and a lightweight, protective case for my camera would be GREAT. I was a big fan of the built-in rain fly as well. Matador makes a few products friendly for wet weather and conditions, and this is no exception.
The bag is easy to take on and off your camera, and its 'base layer' fabric is very reminiscent of a base layer jacket. It's well stitched so the insulated padding doesn't clump up in one area and keeps it well placed for protection.
Speaking of protection - yes it is a great bag for weather protection (rain,dust). No, it is not the best for high impact situations. It is a light case, and by default of that, it's protection is going to be limited. I wouldn't use this to wrap my DSLR + lens in if I was going to then put the camera in a larger bag and carrying/transport that around, but I would use it in situations where my camera would be out a lot and the impact risk is low.
When you need to use the camera, simply unclip the buckle and pull from the bottom. Very easy, very fast. One issue then is now you have a bag in your hand and you want to use your hands to take a photo. It's a little awkward trying to find a pocket big enough to stuff it. if you clip it back to the camera strap, it is awkward to then try and use your camera. You can clip it to a bag, sure, but what if you're not carrying a bag? I don't always and just hike with my camera and a water bottle.
I have enjoyed using this on day hikes in Colorado in Rocky Mountain National Park on easy trails, but would be worried about this as it swung from my neck/shoulder and then slipped on some trail and as I regain my balance (hopefully), it's swinging from my neck and knocks into some side wall or rock/tree. When you hold it in your hands you can tell it is super well made immediately, but I do wish the material was a bit thicker.
In a future iteration, I would love to see a camera sling bag made out of the same materials and buckle + rain fly system. Just a little thicker for more padded protection for higher impacts. Also, an integrated shoulder sling strap. On that strap there could even be a hidden pocket or inlet to clip camera lens covers to or something multi-purpose, like a stash cloth to wipe off lenses. Your NanoDry fabrics are pretty cool, perhaps some integration there would lead people to want to test out other products if they liked the base layer, like the towels or teardrop bags. That all-in one bag would still be lightweight and still have water/dust protection, but could then stay slung over my shoulder, leaving me hands- free for taking shots.