To continue the "Favorite Things" theme...I absolutely love my Cuttlebug!
My favorite embossing folder is Swiss Dots but coming in close is the Sizzix Twirling Vine and Twizzle set used on the card at the end of the post.
Another thing I'd be lost without is solid card stock. It's so much easier than trying to match patterns! I am plagued by indecision when it comes to picking out patterned paper. Solids make it so much easier. My favorite is Stampin' Up's brand.