It may scream "gun" to the informed, and I just don't give a damn. Its not my primary means of carry (IWB is numero uno). Its for those times when IWB just isn't practical due to clothing or gear restrictions.
I wore it mountain biking two weekends ago and it worked well. I should hang it a little higher to stop it rubbing on my hip, but it wasn't rubbing enough to cause discomfort or chafing, just a slight annoyance. I've got a 4 day fishing trip in 3 weeks, and I think it is the perfect choice for that, too. With backpacking season coming up...yep, you guessed it....
And when I take the spawn to the Zoo this summer, it sure beats having my shirt ride up while chasing my 2.5 year old.....don't want to scare the sheeple and soccer moms....."HE'S GOT A GUN!" doesn't go over very well in a public place full of kiddies.....