I like it, but I don't think it would stay looking good for very long. The holes into which the stud goes to adjust the handle length are not reinforced in any way by metal work or extra stitching (though it looks like the exposed leather has been sealed with a rubber compound).
Given the capacity of the bag (which appears huge), the weight potentially carried will mean the holes will stretch and the stud will continually fall out of place (meaning you have to use a different hole until you have no holes left).
They should have used the same metal work on the lock "hole" as the handle holes.