We tested this product and it works exactly as described. The kids can color the bag with the markers and then Mom can wash it to color all over again.
I mentioned that it would be a good craft for my DD to do while waiting for her swimming lessons...I'm not so sure that this would be a great idea since the markers are water-based. You might end up with ink running all over if water was to get onto the bag.
It would make a great birthday gift or a good craft to keep the kids busy on a long road trip. It would also make a great library book bag.