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This.
Cheap, carries what I need, doesn't scream "I have an expensive camera with me" and while it itself isn't waterproof it comes with a little waterproof sheathe that you can just put over the whole thing the opening of which is elasticated to hold it in place. The dividers inside can be removed or repositioned to suit.
It's only suitable for smallish cameras obviously but for less than $20 I'm perfectly happy with this.
