I am not an advocate of fanny packs. This is probably due to the fact that my dad rocked one for years - dude had like a thousand keys and needed the pack to carry them. I am not sure what doors all these keys unlocked, but he had a lot.
If you're a hiker, I can understand the use of an around-the-waist daypack, something that lets you access your tools, chaw, or Iphone - you know the essential stuff you need for your hike or climb. If you're in the urban jungle like NYC, it becomes a little tougher sell for me to justify wearing one of these things, but I have seen some yahoos do it, and it didn't look all that bad.
I saw this little number on the Need Supply site, it's from Herschel Supply (makers of ubercool knapsacks and other stuff) and for $60, it's nicely priced. Also, it's in camo - which is still having a moment right now. Enjoy.