I'd agree with Pete, except that I'd ask what sort of route you're thinking of, on or off road? If you intend doing a lot of "rough stuff" then panniers aren't great (possible - I've done it - but not great as they rattle and shake, tend to catch on things, make it hard to pick up the bike if needed, and your rack and pannier fixings need to be strong to take the jolting). But putting the load on your back does mean keeping it very light and compact.
A couple of other things to bear in mind - i) carrying enough basic tools to keep the bike going (pump, spare tube and/or puncture kit, probably tyre levers, some kind of multitool, and a bit of lube, should cover most "routine" problems); ii) keeping the bike secure, carrying a good enough lock but also finding something to lock it to depending where you intend to camp.
Also consider how you plan to navigate, as in it's more of a pain having to keep stopping on a bike to pull a map out than it is when walking, and it's probably easier to overshoot turnings etc. if you're not forewarned about them. A mapping gps on the handlebars can be really useful, but failing that a mapcase mounted on the bars can really help you keep track of things.
Edit: My post crossed with yours above. I wouldn't like to try to ride with a 55 litre pack. Does your bike have a rack? Even without panniers you could potentially split the load by lashing the tent or sleeping bag or mat (or all of them in a holdall) to the top of the rack.
Edited: 24/06/2012 at 22:26