I'm 5'4" and can adjust the shoulder straps so the bottom of the bag hits me right at the lower waistline, which has been comfortable enough for everyday use. Of course this leaves about a foot of extra strap dangling on each side, but I just wrap the extra length around the strap itself (below the buckle) and tuck the end in. It's worth it to have the extra space inside the bag for my bike helmet + everything else I want to carry. I also slide the sternum straps down to get them out of the way, as most of the time I don't really need them.
My only complaint is that it's difficult for me to get things in/out of the front pockets without taking the bag off. The material covering the zipper on the lower front pocket often gets in the way, and the upper stash pocket is high enough that I have to do some serious arm contortions to reach up and unzip it when I'm wearing the bag, but I love how spacious it is.
Bonus--I got the bag on sale and it seems well constructed, so it should be able to take some abuse. The "rusted orange" color is different from the red shown here; it has a lot of gray undertones/is muted enough that it's pretty neutral. Overall, I'm happy with the purchase!
This review was written in the old system and had content requirements that are different than reviews written today.