Second the computer with cadence - that is definitely a must.

Putting lights on a new road bike - ewww. This is your race bike - not a commuter, right? You can't train very well on the road at night anyway - better option is to get a trainer to use - or a cheaper alternative is to get a set of rollers.

Most LBS have tool kits that you can pick up.

My lights are just cheap POS Planet Bike lights. Come in a two pack, one head light and one tail light for like $30. Good enough to make you visible, but I wouldnt take this set MTBing at night.

Helmet- find one on clearance online. You dont need to spend $100. I got a $110 Bell on sale for $50 online.

Tool kit- Crank Bros multi tools are nice and fold down small. Buy some tire levers, a CO2 inflator, some cartirdges, a spare tube, and patch kit. Stuff it all into the smallest seatbag you can get it all in, but leave a tiny bit of room for one or two gels. Those gels will save your butt one day on a long ride.
Gloves, it doesnt matter. Find some you like. I have used Pearl Izumi, Specialized, Race Face, and Trek. They all work fine.

http://shop.garmin.com/accessory.jsp?sku=010%2D10644%2D00

Check out the winter clearance section at:
performancebike.com

They have helmets as low as $20. Tools and lights on nice discounts. Check the web for a coupon before you buy. They usually have at least a 10% coupon out there.

nashbar.com also has some decent deals.

If you're going to be training at night get the highest wattage light that you can afford. You would also be wise to invest in some reflective clothing.

For lights I prefer the kind that attach to your helmet. That way the light is always shining in the direction you are looking. It makes it easier for cars to see you when you look directly at them. I'm happy with my Planet Bike Alias 10 watt rechargeable light. It's bright enough to mountain bike through the woods at night.

Big expensive tool kits can be very tricky. The problem is, different bikes have components that require different tools, so the kit you buy may have a lot of stuff you will never use, and may be missing some things you want.

If you haven't yet, pick up Zinn & the Art of Road Bike Maintenance or the Park Tool book. The Zinn book has a good list of tools for work of different difficulty levels. These books will keep you out of trouble by explaining how to do the work, too.

As a newbie, my thought is that you absolutely need only a multitool (which has all the hex keys to adjust seat, handlebars, mount water bottle cages, etc.) tire levers, spare tubes, a patch kit, a floor pump, and CO2 cartridges/inflator for your blowout bag. A good 15mm pedal wrench is also very handy if you ever switch pedals. I'm assuming you have a basic non-bike toolset with screwdrivers, pliers and an adjustable wrench.

Beyond those, I have just been buying tools as the need arises and I feel comfortable doing things on my own. For me, that meant getting over the past 2 years

1. A chain cleaning kit, brushes, degreaser, chain lube and grease.

2. a chain tool--I made the mistake of buying a cheap one. It takes much more strength to operate than necessary. As I replace chains, I'm going with SRAM brand ones with a powerlink; these do not require a chain tool to remove.

3. a cassette lock ring tool (specific to the type of rear hub) and chain whip to change rear cassettes or remove the rear cassette for cleaning. I also use a basic adjustable wrench with this.

4. bottom bracket tool (these are specific to the type of bb).

My future wishlist includes a workstand (I use my trainer now), torque wrench to make sure everything is tightened properly, cable/housing cutter so I can install my own cables, spoke wrenches, a better chain tool, and a couple other things. But I'm able to do a good bit of my basic maintenance and installation of new parts on my own with what I already have.

I don't--I had the Park Tools TW-2 on my wishlist, but I haven't heard much about its accuracy. It also may not qualify as inexpensive--I think it's around $40. Anyone?

$25 helmets are just as safe as $110 helmets- they all have to meet the same requirments. The expensive helmets are just lighter, cooler, and better looking, but not safer.

I 'spose if i did IMs I might wear gloves, but you don't see many in sprints or olys I do... Its up to you though. Waste of time to me... I take all the seconds I can get.

You guys might be right about the helmets, but still... I was always taught to get a nicer one and replace it every 3 years or after a crash or you drop it really hard...