You're talking to the guy who has a room in his house that my wife and kids refer to as "the bag room."
I have a Kinesis system belt with a number of belt-bags. It's very well designed and made, and fairly comfortable. I don't use it any more, though, because....I don't know. I don't like it for my kind of stuff, I guess. For one thing, it screams "airborne ranger," if you know what I mean. You're the guy walking around with this big black belt with large bags hanging on it; it might be good for venues where photogaphers are routine (football games) but not so much when you're walking around in the street. And when I took it out in the woods, in the brush, it always seemed to get hung up on stuff.
The belt is well-padded and very adjustable and not particularly heavy -- I would say that the belt, including about as many bags as you can get on it, weighs notably less than my Kata Teddy pack. The bags are good black nylon. Some are padded, some are not. There is a wide variety of bags; everything from water bottle bags to a little tiny wallet for memory cards. The attachment system is very secure -- the bags won't accidentally come off, can't be grabbed. You can arrange them in any way you wish around your body.
My bags are for a SLR system, and so are not very big. I don't know if they'd have bags big enough for MF, and it seems to me that if a MF lens bag was well-enough padded to be protective, it'd have to be pretty big. I found out very quickly, by the way, that the belt system is annoying if the weight isn't distributed more-or-less symmetrically, so it wouldn't be good to have a big lens hanging on one side and a memory card on the other...
Overall, I'd say the system does very well exactly what it says it does. Whether or not you'll wind up liking that is the big question.