I just picked up
this saddlebag for my DRZ400E. Don't worry, they come in black (not sure who buys the purple ones!!).
It actually looks much nicer than in the picture (better picture
here ) That's not my bike, but shows what it looks like. They are pretty decent quality, and can hold a case of beer (or 24 cans of any other beverage). It's insulated and can be used as a cooler (and as a result is also waterproof).
Since I have the offroad model, I had no storage at all (and no subframe to mount anything to). This worked out well because the straps go under the seat, and it is pretty secure. I couldn't pass up the price. I ended up paying around $45 for it locally (Fort Worth) at a boat store. I think the next closest thing I could find was around $200.
-OldMike