I guess the theory goes, if it's camo, no one will see it. Or at least they won't notice it's a diaper bag. If you subscribe to that "huh? what bag?" approach Here are three options
Fleurville's feature-loaded diaper Alpha 7 model can be used as a backpack or on your shoulder. It's $120 at Baby Oliver Boutique.
Intuition's Camouflage Baby Bag pretty much negates the whole inconspicuous camo thing by embroidering "BABY," "BOY," or "GIRL" in giant letters on the side of the bag. "The hottest boutique in Hollywood. Catering to celebrities and Hollywood wives," Intuition has outfitted Kate Hudson (and flacked about it in People magazine.) The price $280, plus shipping--and all your self-respect-- at shopintuition.com.
As illustrated here, the L.L. Bean Camo Hunter's Tote Bag isn't technically a diaper bag. But just replace that thermos with a bottle and those shotgun shells with a pack of wipes and you're in business. The handles are too short to put over your shoulder just the right length to hang from a stroller grip. And besides, it costs $18, so you can toss it in the basement when the camo trend gets played out.
You should also check out
http://www.duds4dads.com
They have a great product called Baby Bandolier which is pretty cool - I like it so does my wife