Although not pannier-less here's my minimalist rig from a couple of years back:


My rack and panniers combined weigh in at 57 ounces with a 25 liter capacity. Being fully waterproof, all contents quickly accessible, robust, easy to pop on and off, are big advantages IMO. More and more I see that "ultralight" means lots of rigging with straps and stabilizers to achieve proper attachment. While this makes sense for off-road bike-packing it seems somewhat burdensome for road touring. That said, I'm all for minimalism and shedding whatever we can to simplify touring.