I just installed an Axiom Journey rack on my hybrid. My LBS special ordered it and a Transit for me to look at, and the Journey was $39, which is cheap for a good piece of kit.
This is a NICE bike rack. its MUCH stronger than any of the other inexpensive racks available, and very light too. uses relatively large diameter 6061 aluminum tubing. The Journey sits a little farther back than most racks, I chose this because my heels tend to clip the bags on most racks, quite annoying.
This rack is rated at 150 lbs(!) and weighs 700G.
the attachment to the seat stays (or a seat post clamp, if needed) are tubular aluminum just like the rack, and held in a nice clamp, much nicer than the typical strips of slotted chrome steel that you bend to suit.
I managed get my rear fender stays outside the rack stays, weaving the more upright fender stay through the rack stays, and bending the rear fender stay clear of the rack stay so it doesnt vibrate against the rack on bumps. I'm /really/ happy, a bike with rack and fenders thats near silent even on fairly big bumps.
There's other versions of the Journey that mount via the rear skewer, clamped to the hubs.
The Transit is lighter and a little cheaper, but not as far back.