I like fly junkie's take,
I carry on a Sage Luggage Ballistic Rod Tube (4 rods in socks) and a North Face Base Camp Duffel-S for reels, camera gear, and sunglasses, turns into a great boat/puddle hopper bag, has backpack straps, can get rained on and keep the gear dry.
Pack your rain suit in a zip bag in the top pocket on the North face with your passport and other valuables, acts as a pad for your back and its always with you.
After a few run ins I never care flies or cutters, most people place little value on these so i pack them.
Made to chase permit out on an atoll in Belize and my luggage took a few days, other than burnt feet, no problem, had to borrow a fly.
I like the way both hang on me and keep my hands free for my luggage and beer.