I've only skimmed a few replies. I have 4 kids. What *I* personally couldn't live without if I had another:
1. cloth diapers (Bumgenius were my favorite with #4, weren't around with the others, but I got by with prefolds, Snappis, and Bummis diaper wraps just fine with my first!) and cloth wipes. I used plain water and kept a bar of mild soap at the changing table for poopies
2. diaper sprayer hooked up to the toilet (only had that w/ #4, too, wish I'd had it for all of them!!!)
3. a good ring sling. I personally don't like pouches and wraps can be hard to get the hang of, hard to bf with an Ergo type carrier. Ergos are great for older heavier babies. Can't beat a ring sling for quick and easy, though!
4. a good carseat, duh. Some people skip the carrier kind, but they're really handy for not waking up a sleeping baby!
5. a good breastpump. I do think there are some good manual ones. I had an Avent Isis with my oldest (almost 13 years ago!) not sure if they still make those, but Avent is a good brand. Don't buy a pump made by Evenflo, Gerber, etc. They're all crap and will hurt. Get an Avent or Medela. Breastfed babies can also be picky about bottle nipples. I had 2 babies that could care less what you stuck in their mouth, and 2 who wanted nothing but the real thing. In a pinch they would take the Playtex bottle nipples that are supposed to be closed to the real thing. They were called different things with my different kids, but they were basically the same, they just kept trying make them seem "New and Improved!" They're clear silicone, very round and squishy. You might need to try like 15 different bottles/nipples on your baby, or your baby may not care. A note about pumping and feeding all the time--most women will lose their supply doing this., Not all, but most. The baby is MUCH better at getting the milk out, and therefore keeping your supply going. Breastfeeding is the best way to make sure the baby is getting enough, pumping doesn't always, or even usually, work out well full-time. Working moms can usually do it (I did it twice!) b/c the baby still breastfeeds when mom is home, keeping that supply going!
6. Breast pads so you don't have wet spots on your shirt! I liked cloth ones, some people don't. Again, get good ones, like Milk Diapers, the cheapies suck.
7. The usual baby clothes. Several tee shirts, short and long sleeved (not onesies) if you're having a summer baby. Onesies for winter babies, plus a bunch of cotton sleeper outfits and cotton legging type pants. Just a few of those for a summer baby. a couple sweaters. A nice thick blanket for covering up baby in car, no snowsuits in carseats, that's a no no, but those thin fleece ones are ok. Trifold socks, not the little bootie kind, those don't stay on at all. Several little cotton caps, at least 5 receiving blankets, warmer blankets and hats for winter babies. A manicure kit, I like to use little nail scissors instead of clippers, I always cut the baby when I use clippers.

Those nails grow super fast! Baby shampoo, I like California Baby and Weleda products. I especially loved the Weleda calendula cream shampoo/wash when I had a newborn. I found it much easier to wash the baby in the sink or take him/her into the shower with me than to try to use one of those plastic baby tub things.
8. Teething stuff, and toys. Skip all the electronic crap. It's overpriced junk the kids get tired of faster than good old fashioned plain things. My kids would rather play with an empty chip bag for hours than watch some piece of junk light up. Soft fabric toys that have different textures are good, like rubber nubbies, crinkly sounds, etc. Wooden stuff is nice, and if it isn't painted, you don't have to worry about nasty chemicals. I had some nice wooden teething rings my kids loved. They weren't the single ring kind, they were a few interlocked rings that they also used as rattles. Oh, one exception to the plastic junk "rule" The Exersaucer. My kids LOVED that thing.
That's really all I can think of. My kids all slept with me, but you will need a crib if that isn't the plan. My crib was a waste of $.

I have heard people who are afraid of co-sleeping but have babies who don't sleep away from mom (very very common, and very understandable. I mean, we still have cave people instincts and an alone baby was a dead baby back then) really like the cosleeper thing. I did use my crib as a sidecar on our bed for at least one kid, so that's another option if you get the crib planning on the baby sleeping there and find you need the baby closer.
A good stroller is definitely recommended, but not really necessary. Definitely get a high chair, but not until the baby is 6 mos old. Baby food is a waste of money, mash up the veggies you make for dinner every night, or keep frozen stuff handy to heat and feed the baby. Homemade food is cheaper and MUCH healthier than all that overprocessed overcooked canned stuff.