I prefer waist packs for hiking with a camera. Stuff I don't need at short notice goes on my back. I'm constantly on the lookout for a better solution and have cycled through waist packs from LowePro, Mountainsmith, Jansport, etc., and never been completely satisfied. This is the first time I've found something that's just right for my current needs. It fits so well I thought I'd share with other compact camera users as the pack is now on sale for $20 at Cabela's. Google "Cabela's Deluxe Chest Pack". If there is any question it is SKU# 03800437.
I've used it heavily for two months now and am very happy with it. I removed the chest strap and all the internal supports and padding as they are unnecessary and take up room. This allows it to hold my E-M1 with the 12-40 and 40-150 Pro zooms, a collection of Lee filters, lots of small accessories, headlamp, GPS, maps, note pad, etc., and room for snacks stuffed in the side pockets (shown empty here). Compass, map, cash, credit cards, etc. go in the belt zipper pouches.