Definitely the portable pull-up bar. It's inexpensive and a great upper-body workout. Also you can set it up virtually anywhere so long as there's a doorframe, and take it down just as easily. For someone who doesn't have access to weights at home it's one of the most comprehensive and simple means of strength training for your arms, back and core.
Two 25 pound dumbbells for sure. In the event I can't make it to the gym, I can still get a decent strength session in with just those two weights. I never found much use for the expensive home gym systems and didn't use them when I had the chance. Most of the time when working out from home though, I'll just use body-weight exercises or just do cardio. It's hard for me to focus on strength training at home.
In my opinion, the best piece of fitness equipment you can buy is a good supportive pair of trainers. Decent runners are essentail to protect your ankles and knees. Other than that, you really don't need to spend a penny on workng out - walking is completely free.
Actually, I'm not one much for equipment though I've tried quite a few things. I so much like to do things outside that I would have to say that as long as I have a decent pair of running shoes I am perfectly happy. I do like my yoga mat, though. And I have one pair of ten pound hand weights (dumbbells, if you like) that I use periodically.
Wall, the most effective fitness equipment I've ever bought are a couple of dumbells. They are great because I can do a lot of exercises for different muscle groups and I think this is great. Now, I am thinking about buying some rubber bands. What do you think about them? Anyone using them here?