Originally Posted by stevo
get the indivicual pieces; all you really need for the shop:
appropriate hex keys
cone wrenches
chainwhip
headset wrench (12 inch cresent will do)
lockring tool/BB puller
Pedal wrench (or thin crescent or open wrench)
For the road:
coupla hex keys, tire irons, and chain tool in the pocket.
Always buy tools to last a lifetime. But it once, or buy it often.
You will also need a shop quality chain tool (pocket ones are good for emergencies but not for home use), a crank puller and a lockring tool for your cassette.
Also get a good repair stand. I bought a bike shop quality Park several years ago for $150 and use it almost daily. No regrets. Look for one that has a quick release mechanism like the Park. There's nothing worse than trying to put a bike in a stand and having to hold it up and fiddle with some kind of screw jobby to clamp the bike.
This is my favorite.