In my opinion, a fanny pack screams one of two things, Gun or, how do I say this "PC"......"somewhat less than manly." Combine this with the fact that they are an impractical method of carry, due to the slow draw, and the risk of having the pack seperated from the body, I find them to be an unacceptable carry method.
Pony up for a good holster, and never wear anyhting with the word "fanny" in its name. Seriously. Do you really think men from the era of John Wayne, Jeff Cooper, Elmer Keith, and Skeeter Skelton would carry a gun in a fanny pack?