Bike Lust + old t-shirt for cleaning. I have a steel frame, though, and I'm paranoid about rust because they salt the roads white here every winter. Also, the Bike Lust makes it all so shiny.

I do my bike work in the living room where I can have the 2005 World Series on in the background, over and over and over again. I don't have a work stand, but the fluid trainer does a decent job of holding the bike where I need it. BTW, dish soap does an amazing job getting old gritty poly lube out of rugs. Whoops.

For storage we are fortunate to have a lovely apartment with 10' ceilings, so we went for bike hoists. Also, this minimizes the amount of cat hair the bikes are exposed to on a daily basis (one of em's a gearhead).