Yes; and Yes.
Though the cynic in me whispers it's so nice that some bugger will only nick it.
I've considered very similar leather duffels in the sale at John Lewis for £300.
Helly Hanson do one called the Offshore, practical, waterproof, for a mere 120 quid, but being bright red plastic I guess it's the squeezy-plastic-bottle-of-jelly equivalent.
Mik, I see Welches come in jam jars so it's off my list