You have room for a lot of different gear in here.
Lots of pockets and spaces to keep stuff organized, but some of them could use a latch or strap to keep stuff from falling out.
I would keep this in mind when putting little stuff in the pockets, or expect to find them at the bottom of the bag later if used as backpack.
I would say this is more suitable for carrying shorter distances, even if it converts to backpack. The bag itself also weighs a bit.
It's great to have the option, but if you have to walk around a lot with gear where the weight adds up, I would probably rather invest in something that is primarily designed as a backpack.
But then you will probably be paying quite a bit more.
Overall I think this is quite good for the price.