Love it or Hate it: Chanel Carrier-inspired Bag

I remember watching project runway and how Michael Kors and his gang of judges lashed out at designer contestants saying their designs were  uninspired, lack imagination, too plain or taken too literally. I wonder what they would say when presented with a design that is something like this. Luckily Karl Lagerfield is an established designer so he wouldn't care less what everyone thinks. And Chanel had developed a huge loyal followers over the years and I think some of them would even go gaga over this. I doubt this would pass in design school though, it just looks like a work of someone who has run out of ideas, need something for the deadline and sees a carrier bag lying around and voila, a luxury bag. However I look at this bag, it just looks like a plain old carrier bag and I don't see any creativity. I still love Chanel and the classic flap bag is still my favorite, but I'm not shelling out money for design that even a grade school student can do. What do you think?

*Photo taken from www.Chanel.com