I must admit I do like the fold downs. It's good to have choice and variation in the market.
In the early days of riding I had this setup
having learnt my lessons I have scaled down the luggage (although in the photo above I was taking spare gear to Austria for my GF) and would prefer to now have a smaller Ortlieb lengthways along the seat which would work with your rack Chad. No way I would get that yellow bag to do that. It was nearly bigger than me