I have to second the baby sling suggestion - since we're having August Babies, I would suggest a gauze style wrap instead of a stretchy like a moby, unless you are going to be inside in a lot of air conditioning. I know I liked to just sit out in my backyard with my new babe just to be in the sunshine after he was born. I'd suggest either a Gypsy Mam Bali Breeze (slightly more expensive for a gauze wrap) or lil keepers peepers on etsy - both are highly recommended for small babes (You'll need something more supportive once they're bigger). They're similary priced to a Moby though (depending on which type you buy), so I would definitely recommend them over a moby if that's what you're considering for the NB babywearing age.
For baby socks - I find that Target's Hanes socks are the most fantastically awesome at staying on baby. My 21 mo son still has to really tug to get them off.
As to cloth vs. plastic - I kind of wish I had a cloth-free highchair - plastic or wooden. DS makes such a mess; it's a pain to clean. If we have room in the budget to replace the high chair for this one, I want to.
Speaking of cloth, if you are interested in cloth diapers, I highly recommend them. If you can handle folding a load of underwear and socks, you can handle diaper laundry. We decided to go with cloth because my husband has very sensitive skin, so in anticipation of my son having similar issues, we went with cloth. I don't know if we actually saved any money (I guess we will with #2), but my son very rarely had diaper rash; if he did, it was usually the result of a virus, or the ladies at daycare rubbing his poor butt too hard . And yes, we even did cloth at daycare - it was one of the first questions we asked all providers.
Most of the ladies already gave you great advice on what's absolutely essential. Some registry tips - register for all of the car seats you think you'll need in the first year. Those suckers are expensive, and if you have a few generous ladies willing to chip in, that's one less convertible carseat you'll need to buy. If you plan on returning to work, check with your insurance; many of them now cover breast pumps. If not, put it on your registry. The 10% off registry finishing coupon covers things like breast pumps that aren't normally on sale/have coupons.
Also, some ladies like to have a hidden registry at a place like Target where they stock up on a lot of essentials (like diapers & wipes if you're going the disposable route). Then they can use the coupon to get a discount.
If you're on a budget, forego the infant seat and go straight to the convertible. I ended up putting my huge DS in the convertible at 5 months, because the car seat insert was so heavy. I preferred carrying him in my wrap.
Hope some of these ramblings help!