Hobos, Here, There and Everywhere…
Forgive me for posting more of my favorite style… my eyes just seem to gravitate to them! I am in love with the Prada Hobo but just in case my wallet (or my husband) refuses to open for that purchase, here are a few more from Saks that I think are quite cute and could offer as a good subsitute:

The Botkier Venice Hobo ($595 via Saks), I like the zipper detail and the tassels are very Bal like IMO.

Marc by Marc Jacobs Dr. Q Lil Riz Leather Hobo – same shape as the Prada Cervo Hobo (comes in tan as well) and SOOO much cheaper — $428 via Saks
Prada Vitello Shine Hobo – definitely another option and 40% less than the Prada Cervo Hobo ($995 via Saks) . Comes in a nice Purple color too:
Okay, no more Hobo posts…
The purple is really cute..but I have to admit, I like the initial Prada one that you posted the best..
I agree, I like that the best too… it really is a beauty…
I was looking at the Botkier on line as well and its pretty… basic hobo with a twist and less expensive but I agree with Nikki the Prada one was more you:)