I personally love my Ortlieb bike/sport packer plus panniers, but they were pricey.
For cheaper, I would also suggest checking out Lone Peak panniers. A set of P-100s (2000 cu. in.) go for $104 at the touringstore. Wayne is a straight shooting guy, if you have any questions about Lone Peak or Ortlieb, he's sure to give you straight answers. He also carries Tubus racks, but those are also a bit pricey and if you aren't planning on hauling a ton, a cheaper rack should work fine.
Just as a disclaimer, I'm in no way affiliated with wayne or the touringstore.com, just think hes a stand up guy with great service!