When I went to last to London, I carried my day-to-day essentials in a Patagonia dry bag backpack - guide book, personal book, camera, food, unbrella and jacket. Patagonia is a U.S. brand, but it didn't make me standout too much. Black or faggy are how I'd describe most of the euro-look. Earth tones in moderation are good, but euro-trash loves bright colors.
I've been eyeballed in San Fran when carrying a DBT E&E bag. Any bailout bag (which I own) or MOLLE-laden bag will stand out.
I will say security is lax compared to the U.S. Dramatically fewer bag searches when entering cultural institutions in Europe versus the U.S. The Smithsonian gives you a rectal search in D.C. but most British museums will let you carry in a duffel bag with wires hanging out and smelling of urine. The laxity in the British rail and subway stations really surprised me, especially when riding the same lines blown up previously (bring at least two tactical lights, just in case).
But they also are much, much better at CCTV - I had a run in with a scary Algerian in the Musee d'Armee - they are watching. And good luck finding a trash can in Old London - there aren't any. Paris has some, but they are all clear plastic bags suspended at four feet in the air.
My wife and I carried FRS radios and maps to the U.S. Embassy in case we were separated. She also had to sit through a personal decon briefing and carry a N-95 too.