According to my kitchen scale, it weighs 2 lbs., 14 and 7/8 oz.
I stretched one of those little cargo nets made out of bungee cord across the top, to keep everything secure.
The clips are spring-mounted, so I think they should be compatible with most racks.
Knot -- congratulations on your engagement!
Re: folders and rear racks, check out the Athlete System EasyFix QuickRack with Quick release, about 2/3 of the way down this page:
http://www.thorusa.com/pletscher.htm
It provides a little more vertical clearance for panniers, but for me I felt it was a little fussy.
I use a small Arkel pannier, designed for a front rack, for my commute. It's big enough for a change of clothes, lunch, and a few gadgets. The Arkel mounting system allows me to adjust how far forward/back the bag sits. It's not perfect, though. The hook at the bottom, if you know Arkel bags, doesn't really have anything to hook onto on my bike. So I just slip a short bungee cord through my rear triangle and wrap it around the bag in order to keep the bottom part of the bag secure. If anyone's interested, I'll post a picture. But I'll have to take a picture first.
Here are some more cargo options, if one is touring/packing light. I'm not sure if I see myself doing this, but it's good to know that it can be done:
http://www.gaerlan.com/dahon/bag.htm



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