I received two of the new Anya Hindmarsh BAg's on a recent flight. I think they are very cool, quite retro in quite a British way (MHO).
As to how it's made, the fabric is the same type as the solid colour used on the other sides of the BAg. The picture is printed. The BAg is constructed in the same way as the old ones.
I think the BAg's are one of the great things about First. They make wonderful gifts, the products change quite frequently and I like the seasonality aspect (used to be different colours depending on season, I believe that they will be using different pictures in the future). Sort of thing that could become quite collectible.
On another note, have you all seen the new Club World amenity kits? A definite improvement on the old ones, both in terms of products and style of bag.