I love Anna Corinna bags- great quality and I love the styles... I bought one for myself (not the one in the pic) after buying the one that you're asking about for a friend's bday- she loves it! The leather is very good quality (confirmed by a leather expert at a shoe repair store after I brought my bag in to be fixed when a red sharpie leaked in my purse) and if you're getting the one in the pic (city tote?) it's a very roomy bag (can fit a laptop)...not sure about the handles though because my friend uses the long strap.
I think it's a very funky, cool bag and I love that color...I say get it!
I think it would be too fat too fit under your arm even if you can use the short straps over your shoulder. While I think it is a cool bag, I'd use it more as a tote/overnight bag cause I agree with your DH about it kind of looking like a "big ol' gym bag".