I've tried all the basic methods of hauling stuff on a bike. They all have pluses and minuses:
Biking with a heavy backpack sucks because it puts extra weight on your wrists. If you're going any kind of distance this will cause pain.
Wald baskets are great, and I used some for years with no problem. They're a bit heavy though, and you have that weight on the bike even when not carrying stuff.
Front high rack / basket works fine, but usually there's not a lot of cargo room with this option. It makes the bike handle a little differently too. Front lowrider rack and panniers are great, they seem to catch way less wind than other options, but they also make the bike handle differently. It's often harder to find front racks that are compatible with your bike than rear racks as fewer people use them.
Rear racks and panniers are a solid option. They can accommodate bigger bags than front racks, and don't effect handling as much. They do make the rear of the bike a bit heavier, so you might find the front wheels likes to rise up a bit if you accelerate quickly or if you're climbing a steep hill without leaning forward enough to compensate.
Rear rack and milk crate is a good cheap option. It raises the centre of balance of the bike though, and will make you feel much less stable at slow speeds when carrying heavy stuff. The weight distribution is otherwise similar to rear rack and panniers.
Trailers are great for carrying huge amounts of stuff, but are heavy and bulky. They also add rolling resistance. They're overkill for basic commuting needs.