In the past 15 years I've trained at a commercial gym less than probably 8 times. Pretty much uncomfortable each time as I'm just so used to my home gym. I work from home so it's quite convenient to be able to get it done while working and not have to use my own time for it. Big plus.
My initial purchase was a Body Solid Smith Machine. Great unit. Comes with a heavy selectorized weight stack plus arms to hang extra weight if needed. Also has high and low pulleys. The mats I purchased were from a local Southern States Farm Supply Store, less than a mile from my home and are half the price of the ones Fitness Stores sell. You can do so many movements with this unit, especially if you have an imagination. Squats can be done either on the smith or outside it.
Next favorite machine is a Vertical Leg Press. Cost me about 700 bucks from memory and is great. I didn't want a 45 degree press due to the amount of space it takes up and the amount of plates needed. With the vertical unit you use about the same weight you squat with. Maybe a little more.
Also have the following:
Cam operated, plate loaded extension and curl machine
Preacher bench
Seated calf
Selectech and Powerblock dumbells
Icarian single leg curl machine. Haven't used it since my last hamstring tear. Scares the shit out of me now.
Old olympic bar in the corner for T-Bar rows. Not much beats these.
Stationary bike to warm up on.
I'm always checking Craigs List for items, plus I have a couple friends than actually run the warehouse for a large east coast fitness company and they keep me in the loop when some solid used equipment comes in. For example the cam operated extension / curl machine costs me $100 and the bike a whopping $3. Yes, $3. They have no market for the used bikes so they junk them otherwise.
Pic isn't the greatest but you get the idea:
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