Hi there

6 most useful things;
Musical mobile - that is the best $50 I've ever spent. Even puts me to sleep
Cloth nappies - for spew and dribble
Muslin Wraps - summer baby wrapping
Bonds Wondersuits - good for everything at the moment, keep him very warm
High Chair - most people don't buy the high chair until the baby eats solids. Buy one for your new born. Some of them lay back. I'd put Daniel in it (strapped in) and wheel him around the house with me while I did stuff. I'd pack up the clothes and put them on the tray, explaining what every item was - he would inevitably fall asleep. Good way of keeping him mobile and me not being stuck in one room. We still do it that way. I was using the sling, but you can't really bend over and grab stuff off the the floor.
Rocker - what a life saver.
Steriliser and bottle warmer - YAY!!!

Most useless things:
Stuffed toys - newborns (and even Daniel now) are just NOT interested in them.
Flowers at the Hospital - I will NEVER send anyone flowers at the hospital again!! What a predicament - trying to load up a car to go home full of flowers, you've got to fit a newborn in there somwhere!! They're very nice and all, but arrrrgggggggg!!! They die anyway. I'd send a card with money in it, the parents can buy clothes or something they need with it.

Apart from that I didn't buy too much useless stuff.