There are some things that reasonable people can disagree about, but I don't think this is one of them. Put it on the rear.
If you put it on the front only, breaking would be dangerous--it would encourage your rear wheel to flip over the front. Very bad.
On the back, the panniers weigh down the rear wheel, which increases stopping efficiency.
Edited to correct type-o.
Last edited by Daily Commute; 01-21-06 at 07:49 AM.