I thought it would be a good idea to collect what you think is the best bargain you can do when you're buying recording equipment. Maybe you also can add second hand stuff.
I would like to start with the FMR-RNC- really nice compressor... but I haven't tried it yet.

1. ADK a51s Mic. I really like the way this one works on vocals. I bought it after reading so many good reviews.Payed ~200 USD...
2. Behringer Composer Compressor! Yes I know that you will argue with me. This should NOT be your first compressor and It's horrible on vocals... but I've done great things with it on drums. You can get a used one for ~50 USD.
I haven't tried the Alesis 3630 but I've heard the same things about it. So if you need one extra compressor for drums, I think that the composer is a bargain.
3. Line 6 POD II... Prices are falling now when POD XT is out, and many POD II-users are upgrading so you can get a used one for maybe ~150 UDS. It's a great time-saver when you recording guitar.
4. Lexicon Reflex. A very good reverb and the second hand prices are low since so many home-users are selling off their hardware when they're buying DAW's. But a good hardware-reverb is very useful since you'll save CPU-power and the cheap software reverbs are not that "rich" as the good hardware-verbs.
5. A good spring reverb. Yes a good spring reverb is the best choice for getting great guitar recordings. Nowadays you can get a S/H stereo spring reverb for 30-60 USD. Boss has old one that I like... but there are others that you can get. There's no plugin to get that sound.
6. Alesis ADAT XT20... Well the S/H-prices are ridiculous ~500 USD... So even if you're using your computer to record, an ADAT is great to have.
Record when you rehearse with your band, record bg vocals in a church or maybe the organ. The fact that you can record with it anywhere is a great advantage. Your home studio is often not the best place to record drums. :D
7. The second hand prices of hardware effects are low now... at least if we're lookin on semi-pro standard. So read the ads and search for reviews on different forums. This way you can improve your small studio at a very low cost. It's time to buy.

Well come on, tell me what you think is a bargain for the small Home/project studio. Monitors (Yamaha MSP5 maybe?), preamps , mic's, effects, mixers etc.