I use two straps around my panniers to hold them in place. The metal buckle is easy and quick to use, but weighs 56 grams. Cut it off and use two cable ties like D-rings.
Also cut off the extra strap that is not needed. Too long is just a hassle to keep out of the wheels.
EDIT: This doesn't work as well as I'd thought on the bike. IF you set it up and load the ends, it holds well, but pull the end to tighten the load and the cable ties roll, and then slip.
3-May-2011: EDIT: On the road, still trying to use this method, I found that if I tighten the cable ties enough, so the strap has to fold to pass through it, then it works really well.
The ocky straps have evil metal hooks on them. Evil because the little black rubber boots on the end of the wire soon comes off, then the wire hook punctures tents, panniers, and skin easily.
Buy shock cord from Bunnings and cheap clips from a $2 shop. Tie two knots to keep the cord from working lose. Shock cord is more elastic than the ocky straps, and you can make the cord exactly the length you need.