Years (10, I think) ago, for touring using my mountain bike, and obviously on a budget, I bought:
Halford's lowrider front pannier racks
and..,
EBC front pannier x 2
I don't think the pannier rack has changed since I bought it, and I think £15 must be approximately what I paid.
It was attached using the supplied P-clips, did the job fairly well and I left the racks on the bike for years only removing them fairly recently when the bike became my leave-at-the-station bike and I removed most of the bits that I could from it.
When I got a touring bike (Revolution Country Traveller) I tried to fit the rack, but the mounting
holes didn't seem to line up with those on the bike. Need to look into this one again...
The pannier bag doesn't look like it's changed much; although I seem to remember paying that much (perhaps less) for a set of two bags.
They're not great bags to be honest; don't seem to be particulalry well designed and have a slightly awkward moutning system. The new version might be better of course.
The bags aren't huge but I can fit my work laptop into one with room for waterproofs etc.
I've modified the bags slightly so that they fit the lowrider front rack on my Birdy.
Think there's a pic of them here (can't see Flickr from work):
http://citycyclingedinburgh.info/bbpress/topic.php?id=2788&page=2#post-30374