I've got the small one, too. It could hold a small digital camera, plus a clif bar and chap stick, but not too much more. Oh, I sometimes put a folded up map into it, if I don't need to refer to it too often. It is convenient, especially if you want to eat the bar in stages. And no, there is no padding. I wouldn't put a camera in there on rough roads where it could get shaken out.