This is my ideal setup. This is jimjib's setup, now owned by someone else here (speak up!):
The thing I like about the idea is Pelican's are almost indestructible. Everything else, the big meanies in the asylum have broken one way or another. That being said, the rack and the KTM are not. So this is jimjib's brilliance IMHO: he uses cheap conduit (adel) clamps to hold them on. That way if ya take a spill, before something more important breaks from the forces the clamps break away and could save alot of cash. The clamps are less than a buck and you can carry spares just in case (pun intended).
Pelicans don't keep their warranty if you drill them (of course) but they DO come with the reinforced drillin' points! (Nice eh?) And they are much cheaper than any other option short of soft bags or ammo cans. Many shapes and sizes to choose from. Just choose a rack you like that will work with them.
Did I mention they are waterproof?