Sun Mountain Golf X-Strap Sunday Bag - just saw it for $40 at one of the online golf retailers. It has held up pretty well thus far. I've put probably 10 rounds on it since I got it in December. One pocket is big enough for a rain jacket and small umbrella. The other pocket fits my gloves, tees, balls with room to spare. Has a caribiner for my towel and rangefinder.
I walk as much as possible. I got a <2 lbs bag for Christmas. The bag is no frills, but fits all of my clubs and is easy on my back. Did experience some irritation on my right shoulder (like the straps are scratching them putting my bag on/off).
I'm headed to Pebble in a few weeks. I rented a house nearby as opposed to staying at a Pebble property. So far, I've been successful booking rounds at Spanish Bay and Spyglass. Big test is getting a tee time on Pebble. I figure worst case I save $495.
I heard/read somewhere Butch told Tiger "you're swing is perfect; just maintain this forever." Tiger didn't like that; he wanted/needed to believe he could always get better. I don't know how true that is, but just adding to the discussion.