Matt, after a week or so with mine, I have to say that I agree with your assessment fully.
The size, the shape and and design are all very good. It's narrow enough, flat enough on the back, and tapered at the shoulders to be slim and unobrtusive while wearing, especially when stretching and reacning for things and scrambling through brush.
The frame sheet on mine is history as well. With a pack this size and its intended average load, I'm not sure it's really required,but depending on what you're carrying or the load's shape, I can see that it would be useful at times. Mountainsmith makes a good suspension system for their smaller packs, especially using the 2" waist belt. If you're really gonna load up the little bugger, Mountainsmith has an optional belt pad for some of their smaller packs with the 2" belt. Other small packs use 1" to 1-1/2" belts, which are almost always unpadded and can start to feel even narrower and uncomfortable over time.
Personally, I like the hydration port, and with the framesheet removed, the sheet pocket would work well to hold the hydration bladder.
This thing needs more pockets, separators, dividers, etc. I admit I'm spoiled by one of my other packs that I've been using for daily hauling. The other pack is a Camelbak Transalp, which is larger, stiffer, heavier, and less comfortable than the Caldera. It does, however, have a number of pockets and dividers inside to keep things from becoming one big mass at the bottom of the pack. I know exactly where I'll find my Fisher pen, my Surefire M2, extra batteries and lamp assembly, compass, checkbook and other stuff I tend to toss in a pack and leave there whether in town or on a trail.
I think I need to figure out how to apportion my jetsom and flotsom among the Inner Sanctum pocket, lid pocket, and framesheet/hydration pocket divider. That and use one of two of the zippered organization pouches we have for our camping and hiking stuff. Once a "system" is established, I don't know if things will feel as disorganized any more.
BTW, I don't have a problem with the bright red. I have black and black/dark green packs in case I have to go stealthy, and the red will help being seen while out during hunting season around here.
Glad things worked out, Matt. At full price, I probably would have passed as well, but for the money, it's a darn solid deal.