I had to get off the couch and go look in the dive closet to peruse the unused.
A lot of the below comments go against the whole
"DIR" movement....my personal preference.
+1 on Machanado's suggestion. Buying used is a good option too.
BCD - Personal preference for you. A lot of good manufacturers to choose from.
I would keep away from Sherwood BCD's. They're usually a little cheaper. I had problems with them breaking (my wifes old one...still in the closet) prematurely, namely the plastic tank mount. The mount brittled and broke easily after a few years.
I also am not keen on the new BCD design from Aqualung that has a flip style lever air release. They call it the i3, and it replaces the inflator hose. I've seen these needing to be rebuilt if they sit up for a few months, perhaps from salt buildup. The rebuild kit is cheap and its easy to do, but we've left a couple of divers on the boat due to free flowing.
Regulators - Personal preference for you. A lot of good manufacturers to choose from.
Atomic regs is all i have ever used from day 1. I flogged my current reg for 4 years without servicing it (bought it used to boot). Finally relented and out of sheer guilt and had it serviced.
Knife - Forget the impulse to buy a big gaudy dive knife. I love seeing people with machete's strapped to their leg or thigh. What the hell are you going to do with that damn thing. A small compact blunt tipped blade that you can mount on your BC will get you by fine.
Wetsuits - It's a preference thing. I hate wearing one because i hate getting in and out of them and prefer to be restrictive free in between dives, flip flops and a tee. If its above 78, ill tough it out in a long sleeve rash guard or 1-2 mil.
Gloves - I stopped trying to wear them along time ago. you gotta keep track of them (if you grab two rights, you'll be micheal jacksoning it), if you dont rinse them out, they're hard to get on, they stink after awhile.....blah blah blah. Generally speaking, i dont touch anything, so really dont need them. If i want to 'examine' something, ill give it a poke with my knife.
Compass - I use the one on my dive computer. the traditional one i bought when i first started diving got repurposed to use on my underwater scooter. Might consider getting a dive computer with an integral compass. Some dive instructors might give you a hard time since some class time will require you to do underwater navigation skills. If i had to do it again, i'd borrow one for the class, learn how to use it, then go digital.
Dive light - I love Sola's. They cost more, but are virtually indestructible. They have a sealed battery and can take a real beating. If you aren't planning on doing a lot of night dives, a lot of the cool kids are liking the
DXG600 and its only 50 bux
Dive bag - bought mines at a bazaar sale, 5 bux. Years later, still using it. Only one zipper still works, but good enough for me LOL. Roller, back pack, mesh. lotsa options.
Octo - You'll have folks that prefer to have a separate "yellow" hose safe second. I like and have used both the atomic SS1 and Scubapro Air2. One less hose dangling plus i like having two air sources near
my face, forget about my buddy:lol::lol::lol:.
This should cover everything to get you kitted out. Good luck and good diving!