freeweights are always the best to use. I have the bowflex dialup freeweights... they work great up to 52.5lbs. But its hard to agrue against the bowflex home gym I don't have one but have tried it. You can do every exercise & its a real space saver.

I think that would be the best option for most looking for a home gym. If your an advanced lifter though, you would probably want dumbbells several different benches, a chin up bar, & probably some other stuff.