Well, they don't actually say how much lead is in the bag. However, I'm guessing that the 'XPF' means something like X-ray protection factor of 8 (which I assume means 87.5% reduction through 1 layer of the bag). This is consistent with approx 0.35 mm of lead foil thickness calculated from the bag's weight.
As the X-ray beam would have to pass through 2 surfaces of the bag in order to reveal any internal details of the bag's contents, the beam would be reduced by about 98%. Given the limitations of X-ray detecors, the resulting image will have no useful detail in the region of the bag, not even with software enhancement.
However the X-ray protection factor assumes a certain energy of X-rays (I'm guessing around a 150 kV source), such as may be used in the conventional X-ray scanners.
However, more and more airports are installing CT scanners, instead of plain X-ray machines - these scanners often operate with much more penetraing X-rays (up to 300 kV sources). At these energies, that lead bag will probably block only about 50% of the beam - allowing excellent detail of what's inside (as well as clearly identifying the bag as being made from lead). The other take away point, in case you are thinking of shipping high-grade film, is that these bags offer essentially no X-ray protection against these CT scanners.