For my new bike, I just bought the Tour Master Cortech Saddlebag and the Turbo City Denali Rack. Those two links are the cheapest I could find on the net.
The racks came silver colored, so I spray painted them flat black in the basement of the armory. =)
The racks seem really sturdy and putting them on was pretty easy. Although, the instructions were pretty much worthless and I ended up with a bunch of extra bolts cause I was able to use some of the ones that were on the bike already. I think that if I did a really long trip, I'd need larger bags, but this will do just fine for around town. With the gf on the back and all our climbing gear on the rack and in the bags, I can finally flat foot the bike. =)