Just as everyone else, I think that Martial Power, Adventurers Vault and DM screen are just about invaluable to my 4e game.
The Forgotten Realms Player Guide is also great, because it holds the swordmage and another pact for the warlock. It also holds a large number of rituals to add the the repertoire of the ritual casters.
The DDI subscripton because it has everything, from Illusion-spells to fluff on masse.
As for GSL products, there are several items that would enrich any campaign. Are they must-haves? Well, I guess it depends on a number of things. Anyway, in no particulary order:
The Heroes Handbook: The Dragonborn, because it's frankly an amazing product that helps both DM and player "get" the dragonborn (IMO).
Just about anything from One Bad Egg: This is IMO the company to watch out for. Their products are edgy and they clearly understand the mechanism of 4e and are not afraid to push the crunchy envelope. From nasty undeads, a cool new race to edgy gods and a super-cool-awesome multiclass, they just keep on delivering stuff that can improve your game - if you add it.
Advanced Player's Guide: I consider this a must-have, because it gives us the best druid, monk, bard etc, at least for now. And lets face it, from the numerous rants, whines and otherwise eloquent posts on the various boards, it's quite clear that some think that having those classes is a must for a game to be D&D.
EDIT: Why add Open Grave, when no one has it yet? I doubt it would get many votes, no matter how great it is, but that's besides the point.