What do you think a DM should prioritize and buy? This ranges from Books to Online products, adventures, and tools/props (Dungeon tiles, DM screen).
I began my 4e collection almost a year ago, when I started playing. So my take is with 20/20 hindsight - what would I buy differently knowing what I know now?
Musts: I'd skip the trinity of PHB1, DMG1 and MM1 tbh mainly b/c they are heavily errata'd (though I believe MM1 isn't errata'd, the math is simply "the old way"). Knowing what I know now, I'd skip those three.
Instead, I'd go with the DM Kit, Monster Vault and one or both of the essential player books (HotFK,HotFL). You would also need an updated rule set, and for that, I'd go with the Rules Compendium - a must have at my gaming table. I use that book A LOT.
If you're interested in pre-essential material, I'd go with a DDI subscription.
Highly Recommended: I could understand DDI is not for everyone (so not a must) but I still highly recommend it. I highly recommend DMG2. It has a great section on skill challeneges, one the new concepts for 4e that I wanted to really nail down. Plus it had advice on some rule variants I found to be very helpful for my Dark Sun campaign.
Buy both Dark Sun books if you're interested in Dark Sun. Both are excellent.
Good Idea: The latest version of the DM screen. I usually don't buy DM screens, prefering to make my own. But the price point was cheap, the art looked great and 4e has several fiddly bits (like conditions) where a good screen is really helpful. I don't regret getting mine.
Maybe: Dungeon tiles. I have both the Wilderness and Dungeon essential bundles and found both to be helpful (but far from needed). I also have Dungeon Delves. I use it for cannibalizing encounters and layouts (so I could focus on story).
Not worth it: I regret buying AV1 and AV2. I bought those before I really understood what DDI had to offer and would definitely skip them if I could turn back time.
I also wouldn't buy any splatbooks (those X Power books) if you have a DDI subscription. Buying them isn't a bad idea - I think I have Psionic Power - but DDI has all that information and in a better viewing format imo.