MUST:
soft cloth sling (now have an Ergo, but prefer soft cloth for newborn)
lambskin

NOT:
baby bath (was borrowed, but we didn't use it for long before realising the sink or shower was easier and better for our child)
Steriliser - I knew I would BF, but I fell for the hype about expressing equipment only to realise later that hot soapy water is good for breastfeeding equipment!

Never bothered with a cot because we decided on co-sleeping.
Still don't have many toys because outside is more fun and so are the dogs.
No cuddle toys or blankets because he has booby and never developed an attachment to any items.

Really, you can keep it simple, despite what the magazine advertisers would have you believe I also shopped a lot at kids recyclers and bought a few muslin wraps for $1 each (huge ones!), wondersuits, singlets, to counter all the fancier things that we got as gifts.