Here it is already... The Bag!
Fellow Tweep, Scott Ladewig, tweeted about this picture of the bag for TechEd 2010 North America attendees. They are still working on the colors and features of the bag, but it looks good to me!
The picture comes from RobNic_TechEd, one of the owners of Microsoft's TechEd North America event. He and his team are responsible for the execution of the event.