I have used the Stand Bag version of TF's backpack. It is a very good bag and, like the rest of TF's offerings, does a great job at compartmentalizing for easy and organized storage. The Stand Bag designs really excelled at this. Other than the fact that the racquets go into the back and it is backpack size, it is more like the full size Stand Bag than your typical backpack. It is good for two racquets, maybe three if they are not oversized and you do not mind a very tight squeeze.
The bag has held up very well for me. I would not hesitate to get either one that you've pictured -- TF bags are among the best quality-wise. I have the VO2 Max 12 pack; the large Stand Bag, the Stand Bag Backpack (the one pictured) and the pre-VO2 12 pack (2009) and all but the last were bulletproof. That one had a serious issue with the soft rubber zipper grabbers but had the most ergonomic strap system of all of them (wish they would bring that back).