Now that you're experienced, recommend NEW intro-level gear that's great!

My picks :WETSUIT: Xterra longjohn. $99 on sale (and it's on sale a LOT)BIKE: Giant Defy 3 Roadbike ($700 at LBS) + aerobarsRUNNING SHOES: Whatever sneakers work for youPOOL TRAINING CLOTHING: 100% Polyester outfits. NO lycra!TRAINING/RACE NUTRITION: Bulk maltodextrin. $50/50lbs, buy it with friends. Forget the commercial stuff that costs 10x more. And if they have room in their budget:Garmin 305 (with HRM)

HRM on the cheap would be a Timex.  They are on sale at times at Big 5 Sports for about $45.00; donw from $90.00.  Used it during my swim under the wetsuit.  For sunglasses go buy yourself a pair of stylish work glasses at Lowes; much cheaper and if you lose them or they get stolen, oh well.  Not out a whole lot of bucks.  If you want something to monitor your running pace during run training buy the Nike + Sports Pack (if you have an IPOD).  You do not have to have Nike + Running Shoes.  Get yourself a Nathan Sensor pocket to hold the sensor in.  Works great.

I purchased the Giant Defy 3 Road bike and am currently using it with clip-on areo bars and have the $99.00 Xterra John as well.  If you are looking for something with sleeves; try renting from Wetsuitrental.com.  After rental the cost of the rental (I believe up to$60.00) goes toward purchase of a used or new suit from them.  I found them to be very helpful and personable.  Used them twice last year.

I would try to pay a little more for a good race outfit and use it to race in.  You might try it out before you race the first time to see how it works out.  I bought a nice pair of tri shorts and used cheaper tops to race in.  For training I bought lower cost tri shorts or used bicycle shorts.

The entry-level unisex tri shorts by DeSoto are great. I've bought a few pairs and they're still my favorites, even over the more expensive shorts I've bought.

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It took a couple years but now that I have them, I love arm warmers. I really can't believe how often I use them.

since this is always at the top of peoples list with new bikes: a saddle that i have never seen be an issue for ANYONE, check the bontrager WSD race lite (yes its a womens, saddle, yes i am a guy, yes it works for almost everyone), can be found for 60-70 if you look around.

clothing: check target for their store brand of under armor and other stuff, they often have running tights, jackets, shirt. all nearly/or exactly the same quality as under armor at a fraction of hte price.

Maybe not what you had in mind, but bang-for-buck-wise I think it is hard to beat lock laces (or the equivalent). 

I've yet to run my first tri so I shouldn't even be commenting in this thread.  Now that the disclaimer is out of the way, I think the best 'bang/buck' is a Garmin 305.  I've run with one for a year now and I'm pleasantly surprised to see I can get a cadence sensor and 'quik release' kit for it.

It's definitely not a 'must have' but it's reasonably accurate with distance for both running and biking, gives HR, pacing, cadence sensor is nice for indoor training (as well as HR).  The quik realease means it will swap from wrist to bike in seconds.  What's not to like?  These can typically be found for $150 or less on amazon and other sellers.

a few more things:

helmets: check into the bell and giro lowest priced helmet. 30-50 dollars. yes, same protection as the more expensive ones, a few less vents. i have been using these in training for years.

sunglasses, check out tifosi

gels, check out hammer in bulk bottles.

bikes: check out sportymama bikes. only sells online, amazing quality and prices.

Also, if you buy your bike new, check what it will cost to get shoes and clipless pedals.
If you don't get them with the bike, I like my nashbar brand stuff. They often have sales, and it works out great.

Cheap stuff that I find useful for triathlon:

* Race belt
* Yankz (or similar - lots of different brands available)
* I like using a gel flask for times when I might need more than one gel.
* An old sports-top water bottle in transition to squirt off my feet after the swim
* Multi-lens sunglasses from Nashbar or performance (~ $20)

I'll probably think of others later, but that's a good start!

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Lycra breaks down rapidly in chlorinated pool water. Speedo Jammers are the bomb.