Plain blankets for either just layering or for swaddling.
Muslin squares for using for everything!
Some sort of comforter blanket and/or a white noise CD/lullaby CD to use as a sleep cue so they hopefully don't need to be rocked/fed to sleep for the next two years (wish I realised this earlier with DS!).
About 7 sleepsuits and 7 bodysuits.
Couple of outfits.
3 cardigans.
Socks.
Scratch mitts.
2 hats.
Jacket for summer baby.
Snowsuit, gloves, hat for winter baby.
A lifetime supply of disposable breast pads (this will last two weeks) or- and I recommend this more- five pairs of washable breast pads.
Nipple shields.
Nipple cream.
Bump bands (you can wear them as bras when you're engorged in the first few days, total lifesavers!).
Nursing bras.
Ring sling.
Soft structured carrier- Boba is good.
A pram that is easily foldable, relatively light or easy to push around, and not too huge.
All of the nappies. Or, if you're going for cloth, get fifteen daytime nappies and about five nighttime nappies.
Wipes.
Baby gym- I like the wooden ones. Wouldn't go for a fancy mat or anything but those are fine too.
A few books from your childhood that you will enjoy reading to your new baby.
Maternity pads- again, get a lifetime supply. You will need them. Don't bother with disposable pants.
A cot- I would recommend a normal cot with the side taken off and made in to a cosleeper. Moses basket isn't necessary if you do this.
Chocolate/magazines/box sets that make you happy to get you through the first weeks.
A car seat.
Changing mat- not necessary but handy.
Breastfeeding pillow.
I think that's it. I don't think bouncers/swings/bumbos/baby baths or anything else is really necessary but it all depends on what you find is useful.