The one thing I couldn't live without? Simple. Dust collection. And I don't mean a shop vac. Get a decent portable unit if your just starting out. Your lungs will thank you immensely.
+2. My next purchase.
Latest purchase was a full size Ridgid table saw
. After burning through a junky ryobi bench saw, this is a treat to use. Porter cable router, ryobi sliding miter saw (highly inaccurate- will replace it with Bosch or Delta soon), Bosch cordless stuff, makita circ. Most blades and router bits are Freud. Mastercrap drill press and bench grinder.