My daughters are 6 and almost 4. I recently went through their toys and got rid of everything except the few things that I think honestly add to their creativity and that they play with regularly. Maybe you'll get some ideas!
Wooden Blocks--Best toy ever and the only toy that I actually like to play with them :P
Legos--I'd skip the table and spend more on a bigger set of Legos if I were you. My kids never used the table and it ended up being another thing to store. My brother passed his on to us for the same reason.
Play kitchen!!--Priceless! You should put it on the top of your list if you don't have one!
2 baby dolls each, one stroller and one shopping cart to push them in
Fisher Price Circus Train from my childhood--every kid that comes over loooves this train
My Little Ponies from my childhood
A treehouse/dollhouse with some wood and wool fairies and a little boat
Matchbox cars, wooden set of road tracks
Wooden train and track set
For Christmas I got them a little wooden dollhouse with a bunch of wooden peg people and a horse & buggy and a boat to go with it. I got it all from etsy.com and I'm really impressed with the quality.
Good luck! Happy holidays! :)
I think those are all of their toys. Each set fits neatly into one of those canvas boxes