These are a really cheap pannier set. They have a pretty good 26L capacity. They are not waterproof, but you can buy waterproof covers separately. Ideal for daily rides in the summer or a commute to work and back.
Another cheap set of cycle panniers. These are from Brand-X. They are getting some good reviews and are currently on sale with a 10% saving off the RRP price.
A fully waterproof pair of cycle panniers, these Altura panniers are good value and have a decent amount of hold space. They also have a extra compartment to store your daily items in.
Another quality brand of bike panniers are Avenir. These are the best and most popular ones they do. Fully waterproof and will last a lifetime. Only a 4% saving, but any saving on these is a good find.