I'm cheap - I pulled the bags off my old mountain bike - too old to ride a bicycle in these hills anymore anyway. They hold a fair amount of stuff, they're tough, they hook onto the mount in three ways, they're ultra-light, and you can use a marker to black-out Schwinn's name.
Since this really is a working bike - honest honey, I never have ANY fun on this thing - I added a Moose Racing chainsaw mount on the rear rack. This thing works like a receiver hitch and can be adapted to mount lots of stuff besides a saw. I love to use this instead of my old CJ5 to get me way back in the woods and off the trails when something needs cuttin up.
I bought CycleRack's fuel can Pannier mounts instead of the simple bag system. This allows me to leave my bags in place and mount a Kolpin Fuel Pack Junior on the inside, next to the tire. The can and mount will be coming in today - $38.35 through Amazon. Pix later.