I dont have a problem with it, but Im not putting mine into a fanny pack. That would likely be an issue.
I carry around a tote size drawstring backpack and I fold mine up and stick them into a gallon sized baggie. For me, I prefer that because I hate the wind blowing them up. But theres something to be said for a lightweight one you could just toss away, so it's a toss up on what works best for you.
Speaking of baggies, make sure you bring some! I get the very thin gallon sized ones (or even teeny garbage bags) and bring a few to carry either wet clothes, ponchos, or cover my camera and they go into my bag. I also put a few makeup items in one (because melted chapstick in your bag sucks). I also carry normal sealed sandwhich bags to house both my passes/cards/money and then one for my cell phone in my pocket. Wet cell phones are not good and you will likely get wet, lol.