Having used Carradice saddlebags and Berthoud handlebar bags extensively, here are my observations:
Both work great. Both are almost waterproof, but not to the extent of Ortlieb et al. (You cannot carry water in them and expect it not to leak.)
The Carradice seem to age a tad better - they look scruffy to begin with, and continue to do so. The Berthouds look like a women's purse to begin with. They look great after years of hard use, much of it in the rain, but probably not what most women would consider acceptable for a purse.
I can recommend both, if you are willing to make small sacrifices for style. Otherwise, get the Ortliebs.
I have the panniers, too - a well-used pair I bought. They look and work fine. But I haven't used them extensively.
Jan Heine, Seattle