What we used (first 6 weeks so far):
- Bassinet beside bed (make sure to buy a ton of sheets as we changed them 2-3 times each day and then again each night)
- Another bassinet or play yard for downstairs (and again, more sheets)
- Motorized swing
- TONS of undershirts - Get the snap up type, not the over the head type - baby hates those and snap up are easier. Expect to go through a ton each day
- TONS of sleepers - We learned the best ones are the zip up ones as you can quickly get it on/off when the baby is fussing
- Lots of Wipes, Diapers, Diaper Cremes, etc. - DON'T buy too many newborn diapers. Our "little one" popped out over 9lb and within less than a month hes almost 12lb. We had to donate a lot of newborn stuff as it wouldn't fit - this goes for clothing too!
- Few soothers (get different brands/styles as they can be picky)
- A few bottles (if you plan on pumping or formula), like everyone said, only get one of each for say 3 types. We had an extremely fussy baby who really only took to one specific brand/nipple. The rest he couldn't feed from - choking, gagging, pushing away, etc.
- Car seat (given as you need it installed to come from the hospital)
- Microwave sterilizer
- Lots of coffee for parents

What we didn't use:
- Designer newborn clothing, jeans, sweaters, jogging pants, dress shirts, shoes, socks, etc. Basically, the baby has an umbilical cord that needs to heal and it's hard enough just getting a quick snap up/zip up sleeper on. They don't sit still to put on big kid clothing yet. Besides, it will be soaked in pee, poop, or spit up within 20 minutes. All those clothing were wasted for us as now he won't fit into it.
- Entire nursery/crib/baby monitor, etc. - The first few months they recommend the baby sleeps beside you day/night to prevent SIDS. Regardless, it's a lot easier to have them right beside you as they maybe waking up every 1-2 hours for the first bit. We didn't even really set foot in the nursery so now I see that if needed, I could have waited to finish it/furnish it. If you are limited on funds, don't worry about the cribs or baby monitors yet as you still have a few months before it will be needed.
- Stroller (winter time)
- Diaper Genie (we found a shopping bag works better)