One of my favorite baby products (for when the baby is a little older, around 4 months or so) is an excersaucer. We have an Evenflow exersauser and LOVE it. Nathan loved that thing and it was great, I could set him in it while I cooked, washed dishes, or started a load of laundry.

I don't think anyone has mentioned a boppy yet either. It's great for breast feeding, or for just holding your baby. We also used it when Nathan was able to sit up with a little support- http://nathan.blaix.com/2007/08/25/smile/