David,
A. My Torso Measure is 21"
B. I haven't found the M/L to be short for me.
C. The belt does naturally ride a little higher than other packs I've tried, but not much
Before I purchased my Conduit, I read the same review. To be honest, I didn't I haven't felt the pack was seated improperly. Brian @ ULA did make a fairly considerable adjustment to the way that the straps attach to the pack so that they wrap around the shoulder area better. I had the older style straps, now I have the newer. I'll agree with other comments made here- the pack is the most comfortable pack I've ever used for 15-30 lb. loads. A few caveats- I think I have a relatively high waist, considering how most clothes fit me. I also have a pretty strong back and shoulders and don't get fatigued easily. I think I just hit upon the prefect design for me. So much so that I just can't seem to switch packs no matter how neat other options are looking (including ULA's own new Ohm pack!). I might just have to replace mine with the '09 version but I would miss the roll-top closure!
I've used the Golite Jam, the GG Mariposa, and a MLD frameless pack (can't be sure which) and I feel the Conduit is the pick of the litter. Of course, with all packs YMMV.
If you're unsure of what size to get, shoot Brian an email or call him. He's always taken the time to help me out and I'm sure he's answered this very question many times. I'd buy with confidence.