Be forewarned that I do not own one of these packs and have not had one in hand for a close up visual inspection. These are only my thoughts and personal opinions of what I see in the features of this "new" pack.
The New REI Flash 18 Pack retails for $34.50. It weighs 11 ounces which is 1 ounce more than its predecessor.

The new features are a removable back panel pad that doubles as a sit pad, a removable hipbelt and sternum strap and an interior zippered pocket. The shoulder straps are made up of a different mesh material on the new pack.
The older pack had a permanently attached sternum strap and waist/hip belt. It did not have a removable back panel pad that doubled as a sit pad.
The older version of the Flash 18 is on sale right now for $19.93.

I have the older Flash 18. After seeing the new pack's features online I fashioned a removable back panel pad out of a CCF sleeping pad. I didn't add a zipper to the internal pockets. It is a nice feature of the new pack but I am not sure of how much more value is added by the zipper. It may keep small things in place more securely but I have never had an issue with the older unzippered pockets.
REI also offers the Stuff travel daypack.

It sells for $29.50 and weighs 10 ounces just like the older Flash 18 pack. It has a 1,340 cubic inch capacity which is more than the older Flash's 1,100 cubic inch volume which has not increased in the newer version.
The outside pockets on the Stuff Pack are a feature that appeals to me. I also like the hooded style pack lid on the Stuff Pack. You don't have to be concerned about that hole in the center at the top of your pack.
The Stuff doesn't have a waist/hipbelt, sternum strap or removable back panel pad. It also doesn't have the hydration sleeve or port.
I am not a fan of hydration reservoirs and I added shockcord water bottle carriers to the shoulder straps of my older Flash 18.
Adding the waist/hipbelt and sternum strap would be an easy Modify Your Own Gear project. As I mentioned I added a removable back panel pad to my older Flash 18 just to see if it was of any benefit. I never really missed having one in it up to this point. ;-?
The weight increase of the new Flash 18 is probably due to the removable back panel pad and zipper.
The fabric of the Flash 18 old and new is 140-denier ripstop nylon with polyurethane coating. The fabric of the Stuff is ripstop nylon. I'm not sure if this would raise any durability issues or not.
As I remember the Stuff pack was on sale once for about $20.00. If it ever comes on sale for this price again I believe I will order one. I can't explain why really but I have a soft spot in my gear closet heart for this pack. ;-)
Party On,
Newton

