Braze-ons/no braze-ons is the edge of the knife. No braze-ons, bmike's setup is pretty hard to beat. Braze-ons, rear rack and panniers pretty hard to beat. Tubus Cosmo, Pacific Outdoor Equipment LTW Rear Fender panniers, 46L, 1903g. They are plenty big - wouldn't want larger. Any kind of saddle bag with velcro on the seatpost wears holes in my legs. Most rack bags have a similar problem for me, and I don't like the steering with much of a bar bag. Like the weight low with panniers. Probably don't need that large a set of panniers, really. POE's Small Fender panniers - 36L, 1588g with the Cosmo.

Those Sea to Summit compression bags are great. Volume can be a problem. I take more and thinner and lighter clothes than some, so a couple XS bags are great - one clean, one dirty. Tent and sleeping bag in one small or medium on the rack top.