Really what prompted me to get it was this big sketchbook I have that I wanted to be able to ride around with, and there was no regular bag of any sort capable of holding it except the portage bag.
I've done lots of backcountry hiking so I'm not afraid of carrying a big heavy bag on my back for a few miles.
A bit of weight on your back while biking is fine, but it gets untenable surprisingly quickly.
In general, you shouldn't be putting weight on your perineum (taint) when in the saddle. You should be putting weight on your ischial tuberosities (sit bones) instead. The former can result in blood circulation problems, and possible damage to the nerves and urethra.
They're just giant bags with straps: no frame, no padding. They might be hard to find online but you should be able to find one in pretty much any outdoor shop. Maybe look for a 120L duffel with straps. Love 'em.