I've been researching like mad and even spent a little money.
What's out for cardio: machines of any sort. They cost too much and many are ridiculous or sub-par.
What in for cardio: Running shoes, bitch. $45 for a pair of New Balance cross-trainers is a good price for my wide-ass feet.
What I've bought already: an ab wheel and a "Iron Gym" upper-body workout bar
What I want to buy: kettlebells (whimper)
What I've found/What my musings are: Most stuff is crap. Ab-shockers come to mind. I'm very leery of anything that is a fad, mainly because I distrust the herd mentality. Why? Because most people are stupid to the bone. I can't really blame them - a few trillion cells operating perfectly, keeping every other cell functioning decently? It's amazing most of us don't spend all day gazing at bright lights and drooling while thinking about fondling ourselves and others (wait...oh shit).
ANYWAY (my catch-phrase), I approached the idea of working out with minimal equipment with a heavy degree of skepticism. It all felt a little infomercialesque, if you get my drift. But after doing a great deal of digging, I'm feeling reasonably confident about kettlebells. They've got rave reviews from everyday Joes that run the gamut from former fatfuck to perennial buff-fuck (sorry, three f's in a row looked stupid). Kettlebells help you build strength through a full range of motion in whole-body exercises, provide a good cardio workout in addition to strength, and they develop your smaller supporting muscles in a way that free weights strive to and machines can never hope to replicate. This was exactly what I wanted, and when I thought about it it began to make sense. Essentially, kettlebells are stylized and carefully weighed pieces of heavy stuff, and you're supposed to move them around in a way that requires you to maintain a good grip and use your whole body. This attempts to replicate conditions that a manual laborer deals with. It falls short in the duration category and does better in the reliability and comfort categories. I already do minor manual labor for a living, so any extra (like kettlebells) is gravy.
So I'm getting kettlebells. I'm going to start with two standard-size kettlebells. I think it's hilarious, but the traditional unit of measurement for kettlebells is the "pood." Those crazy Russians. Anyway, the 1-pood is a little intimidating, but I'm all for rising to a challenge. The ones that have gotten the best ratings as far as durability, construction, price, and comfort are these: http://www.amazon.com/Cap-Barbell-SDK2-035-35-Pound-Kettlebell/dp/B003J9E6B8/ref=sr_1_1?ie=UTF8&qid=1320032172&sr=8-1
These kettlebells are available on Amazon, and while I thought the shipping would be killer, I'm saved by Amazon Prime. Woot for dropping out of a certification program! Wait....
Whatever. I get free shipping. That's what makes it worth it. I found other kettlebells for about $20 at places like Sports Authority that were of very poor construction. $48 per 1-pood kettlebells is a GREAT price, trust me. The only way you could do better is at a garage sale, and I doubt they would have the comfortable construction that these do. I'm going to order them once we move to the new place.
Okay, so what I already bought: the ab wheel and the Iron Gym upper body system (http://www.amazon.com/Iron-Total-Upper-Body-Workout/dp/B001EJMS6K/ref=sr_1_1?s=sporting-goods&ie=UTF8&qid=1320034107&sr=1-1)
I bought both of these things at Ross, which is a great place for stuff like this. They buy infomercial crap in bulk, and then sell it at reduced prices. The ab wheel (http://www.amazon.com/Champion-MSABWHLX-Ab-Wheel/dp/B0000BYSNN/ref=sr_1_4?s=sporting-goods&ie=UTF8&qid=1320034199&sr=1-4) and Iron Gym bar were supposed to cost me a total of about $35-$40, but I got away with paying $22. I bought an ab wheel with two wheels for greater stability (can it support my royal fatness?). After using first one and then the other, I can tell that my muscles are in for a rude, painful surprise. I'd easily recommend these as your upper-body home equipment of choice. If you want to build up your chest, get something heavy for your back while you do pushups.
So I'm left with $78 to make my home gym. Two 1-pood kettlebells would cost me $96, but I'm willing to go over-budget by $16 to make a home gym that would satisfy pretty much all my needs for a long, long time if not indefinitely.
So that's my list and recommendations! An Iron Gym pullup/upper body apparatus, an ab wheel, and two 1-pood kettlebells. Get the first two at Ross or garage sales, and get the kb's from amazon. Total cost: ~$120, not counting gas to go get some of it or running shoes. To put this in perspective, this is two month's worth of gym membership in some places. If I use this stuff for three or four months, I start saving money to the tune of $600/year. Boo-ya!
Hope this helps...I dunno, SOMEBODY. Good luck, y'all!