Since moving to DSLR, i have been informed by my pro buddies that i should ditch my old Lowepro bag for something more stealth like....

Does anybody heard of people being mugged or robbed of their stuff?

One of my work colleagues had his DSLR snatched while he was taking photos somewhere in Barcelona, Spain last year. Work of at least two criminals: One fella banged into him, creating the distraction ("Oh sorry sorry!"), and then the other accomplice took away the DSLR and ran off. By the time he recovered from the shock, the first fella had already disappeared. This happened in a crowd, and with other fellow tourists in a group. The other group members didn't even realise anything amiss until his camera was gone and he shouted for help.

I guess that's when snatch thieves will strike: when the camera is out and you're distracted (first, from taking a photo, and next, from the bump).
He had his strap just around his neck -so maybe more secure methods of strapping like around the shooting hand, or across the neck AND under an armpit might help. They could also just cut through the strap but there are those with steel cables embedded in them (PacSafe) -but you also risk getting dragged along the street if the snatch thiefs are on a motor vehicle.

I have a 'stealth' bag. I'm using a Deuter Escape 3 and surprisingly it fits one body, 3 lenses (1 50-200mm, 1 14-54mm, 1 50mm prime), and 1 flash. My usual bag is the LowePro Slingshot 200AW which already isn't as conspicuous as a normal sling camera bag -but by now most camera thieves will already recognise the popular logos of LowePro, Domke, Tamrac, etc.