From what I understand the seams aren't tape on all of them, and therefor aren't waterPROOF. waterRESISTANT is the best you could call them. The canvas bags are oil washed which in itself is waterproof, and the stitching is with expanding thread when wet which will reduce the water coming through. Apparently so well that anecdotally it's considered waterproof. But leave it long enough and it'll come through. Not sure what the thread is on the giantloop stuff. The zippers are of the waterproof variety, which I reckon isn't real waterproof either.
Personally I don't like zippers on any RTW gear. It's just too hard to repair in the field. I reckon canvas is easier to repair than the truckers tarp stuff. You can do it with dental floss if you have to.
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