Originally Posted by
RI_Swamp_Yankee
Not cheap, but check out
the Woodward from North St. Cycles.
(More pics) The pannier-only model is a hundred bucks or so, and the convertible backpack is considerably more.
Ack! That's a $100 for one pannier? You can get a pair of Ortlieb panniers for $121 including shipping from Wiggle.