Right before my flight to Manila, I managed to get everything into my 32L North Face Surge II backpack and small Osprey daypack. Read my previous thought on packing here and here. It was a tight fit, but it worked after leaving out a few items of clothes. I think the benefits of only having two small bags will outweigh the difficulty of getting everything into the bags. It was nice to be able to walk right out of the airport without having to wait at the baggage claim. I could walk around the Ermita neighborhood not feeling weighted down by excessive baggage.
Pictured is most of the contents of my bags, minus my Macbook. The small Osprey holds only the Macbook and camera gear. The bags would be even lighter without this gear, but I need it for this blog, so I have to make it work.
Carry on luggage is the way forward. You can really pack a lot into them if you pack with the right techniques. I have the same North Face bag as you and I find it perfect for short trips.