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I have both a mystery ranch™ fanny pack and a Hill people gear ™ kit bag.
Fanny pack :
Pros
>looks more acceptable, can wear it into a store etc.
>Fits bulkier items, easily shove a few beers in there or whatever
>works great standalone for urban day trips or whatever
Cons
>uncomfortable and annoying with medium to large pack, gets in the way of the belt
>tends to bounce around If loaded up at all
Hpg rig :
Pros
>Just about everything, max comfy, organisation, doesn't bounce around
Cons
>you look like action man a little bit
It's nice to have both, I know which one I'd pick though, these kit bags seem like a meme until you own one. Don't bother getting a small one though
The ultimate combination is both at once