Bought a seatpost clamp lightweight aluminium rack, and matching small set of panniers dirt cheap from Nashbar:
Really impressed with the quality when considering the price, but the racks attach at the bottom using a metal hook which did not secure them very tightly and didn't inspire confidence for the 400 mile race that I'm planning on using them for (Crush The Commonwealth, PGH to PHL). The hook wasn't able to be fully tightened and also made a really annoying rattle when moved around.
So while i'm too sick to train, I modified them tonight:
Sewing (I thought I could do it, but my wife stopped me before I stitched my hand onto them:
The total setup, nothing on the bike yet sorry.
I do realise that I've permenantly attached the small tightening straps to the rack, but figured that I'm likely to never use the rack with the bags and if I do I could wrap the straps up so they don't come anyway near the wheel spokes. I know panniers aren't sexy, but I'm still excited about them