In reply to Dave B:
Not used the Grivel ones, but they do look good.
If it assists your decision making, I opted for the Ultimate Direction AK3 which is about 11L. I use this for mountain ultra races, and longer training runs.
With this capacity I can carry the compulsory kit for events such as the UTLD 50/100 which includes; waterproof jacket, waterproof trousers, full length spare top and bottoms, spare food, map, compass, 1 litre of water, first aid kit (I always carry more than the minimum), survival bag/blanket, cup, hat, gloves, buff, mobile phone and head torch with spare batteries.
I find have plenty if space for an extra layer and a few extra bits like hat, spare gloves, body glide, suncream, sunglasses, gels and a couple of bars, etc.
For shorter races where the kit list is a bit smaller, a well packed 5 litre sack/vest should accommodate what you need. I tried the bum bag approach and could get my kit in for shorter hill runs. I just didn't like the method of carry.