I'm not a fan of the Parks, either. I have a pair of Shimano cutters for casing, and a pair of VAR cutters for cables. Too bad VAR tools are getting really hard to find. The best cable cutters I've ever used, though, are Felco.

Other tools...good set of Allen wrenches (I like Bondhus), good set of metric combo wrenches from 6-16mm, a 14, 15, and 16mm socket with socket wrench, headset/BB wrenches (I have the 3 piece Shimano set, as well as a Tange set that is 36mm on one end and 40mm on the other), cable cutters, third hand (I like the Hozan), a good set of flat/philips screwdrivers, a ball-peen hammer (12 oz), a rubber mallet, a crank puller (I have a 30 year old Campy that's still going strong), a pedal wrench (I like the Eldi), a couple of sets of tire levers, a good greasy-stuff-cleaning brush (the Park "claw" works well), whatever cartridge BB tool you may need, whatever size spoke wrenches you need (the Park black is probably the most commonly used on my bench), and a pair of diagonal cutters (good for crimping cable ends and cutting zip-ties). I also always have a roll of good electricical tape and a tub of zip-ties. I might have missed one or two things, but that just about covers the necessities. NEVER cheap out on hand tools like wrenches and screwdrivers; these are tools that will last forever if you spend your money right the first time, and cheaping out will just end in frustration, wrecked tools, and stripped screw/nut/bolt heads. The Craftsman tools with the lifetime guarantee will serve you well, but not all tools that Sears sell these days fall into this category. A decent repair stand is more than nice to have, and if you ever plan on getting good at truing or building wheels, a real truing stand is a must-have.

Other sundries...a plastic paint roller pan for cleaning parts in, a bundle of rags, a can of your lube of choice, a tube of grease, a spray can of Pledge for making things shiny, a can of hairspray for fastening ATB grips.

Finally, a pair of not-often-thought-of items. I have a 22.2mm and a 27.2mm Flex-Hone and some honing oil; I always take the time to run the flex-hone down my seat and steerer tubes to make sure stems and seatposts don't bind up further down the road.

I realize some of this goes beyond the basics, certainly I accumulated these things over a number of years, but they are the tools that I go back to time and again.

Pete