I've thrown lots of money at this problem over the years... given this list, I think many others have, too.
Unfortunately, there's a lot of personal preference, variety of needs among different people, types of bikes, etc. Also, for me and others, there's the desire to experiment. I think the first set-up that I had was fine... and so have been the other iterations.
What are you carrying generally? Terrain? Risk of theft? Bike?
My first set-up was a Breezer Uptown 8, which included a rear rack with rat-trap. I started as a commuter and decided not to-use a backpack. I got the Wald 582 folding rear basket for one side and zip-tied it on. It held my work bag fine. I could use the rat-trap for smaller items when necessary. It was great.
My current commuter is AHH. It has a Saddlesack medium and Wald 137 front basket. It's great. I generally put items in the saddlesack since it's big and protected, and AHH rides better (for me) with rear loads. Front basket is perfect for light items and overflow when grocery getting.
I've been tempted to try Ron's Fabio's chest, but I know it'll be fine, as have been my other choices.
Choosing now, after having experience with many choices, I would go with a Saddlesack, particularly a Riv frame. This is based on style, function, how I'd mostly use it, value. If you're tall enough and don't need a rack under it, even better value.
YMMV,
Good luck!
shoji
Arlington MA