I have two:
carseat
sling (I have an over the shoulder baby holder, considering a maya wrap for new babe)
The sling is my stroller, my baby seat, the ring doubles as a teether, it's a blanket, it's a jacket, it holds the baby as I nurse them, it keeps strangers from breathing on baby, it allows my hands to be free while I run after the other kids (and allows me to push kids #3 and #4 in the double stroller while still holding the new baby!), it's a bib, it covers me if the baby spits up or a diaper leaks...heck it could even double as a cloth diaper in a real pinch <img src="/images/graemlins/smile.gif" alt="" />
As for the other stuff, with each kid I've had I've needed/wanted less and less. I had EVERYTHING with my first. She had 3 places to sleep and ended up in my bed. She had 4 or 5 baby seats and rarely used any of them. She had two high chairs only to be fed on my lap. She had every gadget out there.
as I've grown as a parent I've realized I don't need bottles, I don't need a fancy baby bed, I don't need fancy things to put them in if I have a sling (and older kids to help hold!), I dont need a baby monitor since baby sleeps with us and among us when napping.
The only thing I have recanted on was a playpen, something I said I would never, ever use. Well, I have one now because I have older kids with small toys, two toddlers who like to paint each other, a large dog and I have taken one of my kids to the ER at 2 months when the piano bench fell on her head. In other words, the older kids go in the playpen while the baby stays out with me <img src="/images/graemlins/laugh.gif" alt="" />
Meg