I have accumulated quite a few packs over the years...
I use an Inov-8 Race-Elite 3 which is a waist pack with a 500ml water bottle for summer runs of upto about 6 miles and winter runs of upto 12 miles. This has 2 hip pockets into which and I can fit a phone, pack of tissues, energy gels and my windproof jacket. It is the closest to running naturally.
I have a Camelbak Octane XC which has 1.5 litre bladder and will use it for longer runs (upto 20 miles) in summer. Again has two small hip pockets and one on the cover to the bladder. Excellent build quality.
I have an Inov-8 RacePro 12 back pack with a 1.5 litre horizontal bladder. I use this on 16 mile plus runs and when I do trail marathons or ultras. It has plenty of capacity, more than I need but it bungees down well. It is great for long training runs as I can carry a bit more food, first aid kit, a waterproof, head torch and any tops I take off en-route.
Finally, I have an Inov-8 RacePro 4 waist pack which holds the 1.5 litre horizontal bladder. However I don't particularly like it as it bounces a bit too much when there is fluid in the bladder and the bladder eats into storage space.
It really comes down to how much fluid you need to carry (I drink nearly twice as much in summer than winter), the amount of kit you need to carry and the type of race you are training for. Definately try out your race kit on a couple of long runs before the big day. It can take a while to get a pack adjusted to suit your preferences and minimise rubbing. On a 5 hour, 28 mile race my Inov-8 back pack didn't chaff me one bit.
Running with a back pack seems to invoke a slightly different running style to running with a waistpack or nothing.