I think you pretty much got it 
If you want a pannier, get a big grocery-style pannier. If you want to commute in the rain, invest in something waterproof (doesn't seem like that's a big problem for you haha). I have determined that our trail is simply not safe for me to take the road bike in the rain so I gave up on it. I have a cheap bag. I paid about $30.00 for it and it's plenty big but not too big for my 47 cm bike. I also have a trunk bag (waterproof!) just in case it rains. I haul my books, computer, etc with me to campus along with a change of clothes no problem. I hate hate hate backpacks so I carry the bag instead. If you have a backpack, YMMV. I just hate having to carry one with me around campus.
***proud Hoosier, statistics nerd, and mom to a headstrong toddler***
****one car family and loving it!****
Owned by:
Le Monstre Vert - 2013 Surly Cross-check
Chessie, Scottish Terrier
Bonzai, Catahoula Leopard Dog