There are several kitchen "items" that I am not willing to do without. In no particular order:
Electronic scale. This is especially true if you love to bake. You will get much better results if you can weigh your ingredients instead of measuring them in cups. I don't know why--that's just the way it is.
Garlic press. Keeps your guests/family/friends from finding large hunks of garlic in their food if you're pressed for time and don't mince it thoroughly. Personally, I love garlic and wouldn't be upset, but if you're making something with a smooth sauce, you'll want to use a press.
Stand mixer. You can use this bad boy for just about anything. It's especially helpful for when you're working with something very dense/tough (like extremely thick cookie dough).
Something to hold my hair back. Yes, I know that headbands aren't kitchen utensils, but it is my biggest fear ever to serve someone food with a hair in it. It's disgusting enough if it's your immediate family who's eating the food, but if you're making something to take to a family cookout/holiday dinner, or (worse yet) to work for a potluck, would YOU be happy taking a bite of something scrumptious, get a tickly feeling in the back of your throat, and proceed to pull a 10" long hair out of your mouth? This happened to me at a work function once, and I assure you it was not pleasant.
Sharp knives. It doesn't matter if they're cheap, but they must be sharp. I spent $50 on a sharpening stone at the Cooks Warehouse in Atlanta, and have used it once. Not even a "full once." I sharpened half of a knife and decided it would be best to have my husband do it as I need all 10 of my fingers if I want to continue cooking. He did a bang up job, but hasn't done it since. These things are dangerous. He told me that Publix will sharpen them for free in the meat department, but I have a bit of a problem carrying a bag full of knives into a grocery store. Dull knives suck. And when you DO have them sharpened/sharpen them yourself, be sure never never never to put them in a sink full of dishwater. I heard a horror story once about my father-in-law sharpening his wife's knives and one of them ended up in a sink of soapy dishwater. It didn't end well. And don't put them in your dishwasher--it'll dull the blades considerably.
Magnetic strips. I keep my knives stuck to one, and it's bolted into the area above the stove. I have three young children and knives are my biggest fear around them. I believe it cost about $8.00 at Ikea. Plus, it frees up counter space if you don't have a bulky knife block sitting there.