My wife and I would like to take some camera gear with us on rides. An SLR body or two, some lenses, etc. We have Tamrac backpacks, but we don't like the center of gravity shift when riding with them. Mostly what I've found are handlebar mounted bags. I see the pro side of those, but I'm not sure I like having to remove our lights to mount the bags, or the added weight on the bars.

Is anyone aware of a pannier type, padded camera equipment bag?

Find a bag you like and turn it into a camera bag using inserts.
https://www.amazon.com/s/ref=nb_sb_no...ra+bag+inserts

I've seen people attach camera bags on top of the rear rack. You should be able to do it with most camera bags.

Currently I'm just using a Samsung S4 Zoom cell phone with 16 MP and 10x zoom.
The S5 Zoom has 20.7 MP + 10x zoom.

Years ago I used a Kirtland Tour Pak handlebar bag for everything from a six pack of beer to my SLR, three lenses and flash to a full kit of safety testing equipment on the job. I added my own padding/inserts as needed. Unfortunately I gave that bag and rack away several years ago. Wish I'd kept it, now that I'm riding again.

Check out Velouria's Lovely Bicycle blog. She's also a photographer and totes her largish Canon dSLR and lenses in various bags, panniers and handlebar bags.

I no longer tote a full sized dSLR so my Lowepro Off Trail works fine with my compact cameras. I just wrap the waist belt around the handlebar and stem as a makeshift handlebar bag.