Most of have what we think are kitchens that are inferior in some way. We think we need more counter space, more cabinet space, more burners, more BTUs, more blades, etc. Some of you living in studio or other tiny urban spaces may indeed need a number of these things, but most of us already have as much as need, often more.
I got to thinking about what I really love the most in my kitchen, what I use the most, what is the most versatile, etc. You know what I love most in my kitchen? My toaster oven. It heats, it browns, it toasts, it is truly the bomb. I think I would ditch a lot of stuff before I ditched the toaster oven. Next I think I would pick a knife and cutting board. The knife should keep an edge and an 8" French knife will do a lot of things. Pair it with a great paring knife and you can do most anything. The only other must is a bread knife. (A few other knifes are nice, but in no way critical.) The cutting board is important - I have 4, all of them plastic and actually relatively small. The one I use the most is about the size of a sheet of typing paper. Plastic? Yep, goes right in the dishwasher and gets sanitized after every use. Carbon steel vegetable peelers. Not stainless which appear to all be made in the dull peeler factory, but old crummy looking carbon steel. Mine are at least ten years old and still sharp.
My pots and pans are ratty and cheap. I still love Teflon and would rather replace a modest Teflon skillet every year and have it work really well than buy an expensive uncoated one that everything sticks to. (Cast iron, feh, too much work to keep clean and seasoned - and too heavy.) The rest is just stuff, some old cast aluminum I probably got from my mom or Aunt Ruth. Someone once gave me an All-Clad wok skillet - it took me a decade to get it seasoned, but it's o.k. now.
I like having good baking sheets and silpat mats that fit them. You never have baking parchment when you need it and I've had my silpat mats for a decade and they still look pretty good. Heavy baking sheets are a must. You can get the half sheets and quarter sheets at commercial stores that fit in a home oven and will last you forever if you take care of them and keep them clean. (Cleaning is easy if you use your silpats!) The most important thing to remember with heavy aluminum baking sheets is to never put water on them when they are hot. Let them cool for a few minutes before washing them and they will never warp. Otherwise, warp city and then they are no good.
My stove is a crappy Fridgidaire gas range. Gas is nice, but my old electric stove got hotter and the best stove I ever owned was an electric range with two dual ring burners and a convection oven. The best microwave I ever owned was a Montgomery Ward brand that had microwave, convection, and combination settings. Man, I miss that one.
I like my Kitchen-Aid mixer, 20 years old and still ticking. But could I live without it, yep. I am partial to my Kitchen-Aid hand mixer, which can make chocolate chip cookie dough with out burning up. Oh, and my Kitchen-Aid blender is the best blender I have ever owned. (Getting sick of the Kitchen-Aid ad yet? Sorry, but they make stuff that works and lasts.) My food processor? I use it twice a year, maybe three times - could probably borrow the neighbors when I need it.
I need very few gadgets. The only odd thing I have that is quite useful is a canning funnel. Can't live without it in canning season. A whisk, some measuring cups and spoons, a couple of heat resistant rubber scrappers. Pretty low key.