I love a fanny pack when I am out in the woods or hunting because it protects my handgun and it hides it if I happen to go somewhere else where I don't want it to be seen.
I VERY rarely see anyone wear one in public around these parts however I'm seeing more and more of the neoprene "sports" type fanny packs that also hold a water bottle. Those look very comfortable and practical but could probably not carry a large gun.