This has got to be a spoof. I just looked at Camelbacks website and found the "Urban Assualt" backbacks. They make a regular size for 129.00 and a XL size for 159.00. Cheap or inexpensive by my standards. They do have a version that supposed to hold (3) M-16 magazines but it's nothing special. Looks like this magazine feature is really a external pocket to carry Nagline water bottles. Looks like a backpack for colledge kids as they're set up to carry laptop, sunglasses, I-pod,etc...
They're not really the "cats azz" for backpacking or carrying very much volume or weight and the appear as if they would be uncomfortable. However, their water resivoir , which many "real" backbacks are designed to fit these, are probably the best made.