Can't live without:

Bouncer - both my kids have used it to death. Saved us much pacing the floor LOL.
Muslin Wraps - I had two summer babies
"Airwrap" Cot wrap - breathable mesh bumper that has finally stopped DS from jamming himself in his cot bars and waking up 50 times a night.
Avent Breastpump and Steriliser


Waste of $$

Bumbo Seat - both my kids wouldn't sit in it for more than 5 minutes
Clothes - Both of them have FAR too many. And don't buy dresses for newborn baby girls - they're a pain in the butt to get on and off and they have to be ironed only for them to spew on them and look like they slept in it 5 minutes after it goes on their back!
Fancy shoes - they always grow out of them before they get any decent wear. DD has a million pairs of pristine shoes I'm meaning to put on ebay
Hats - neither of my kids could ever keep them on their heads