Yes, it's outrageously expensive. Yes, it's the best backpack you're going to find for a personal item when you fly Air Canada. I've never once been asked to put this backpack in the sizer even when they force me to size my (also correctly-sized) carry-on suitcase.
I thought the color (bought only because it was the least expensive ($130) available) would embarrass me but I actually love it! It's a great, sturdy bag that does best when packed like a suitcase. Horribly expensive, though.