I finally found a bag for my bike, I was getting seriously tired of lugging a backpack everyday. I bought a Nelson Rigg CTB 450 Overnighter. It is a tad backpack looking, but it sits well on my seat. It is a very good sturdy bag and has a great rain cover.
Update: Today I used the bag for the first time and it rocked!!! Not too much of a hassle getting it on and off the bike and it was great to have all my work stuff and not have the feeling as Trobairitz described "being strangled by a small child" that is exactly what it felt like wearing the backpack! I have always been worried too should there be a 'come off' the bike experience that I might get hurt due to the backpack strapped to me and I can't think that landing on assorted goodies would do my spine any good. Some people have asked why I didn't go with saddle bags? The problem with older bikes is finding suitable farkles. I have had a terrible time trying to find saddle bag mounts for my '85, the universal ones don't fit and I would have to destroy the frame and I am not willing to do that. I am still on the hunt for these and I have my eye on a very snazzy set of bags. I still needed something to lug stuff and for weekends away. I need to add a bit more reflectivity too it, because it doesn't have any reflective piping on it, that is the only drawback I can see at this point. Hmmm I wonder if I should pull out the Bedazzler?