Nice thread! We really need an outdoors subforum.
I'd be a gear junky if I could afford it. I can't, so I'm not. I haven't done any backpacking for a long time but I'm slowly piecing together a kit for three season overnighters and then I'll go from there. I'm definitely not a UL geek, I've got too many pounds of my own to lose before I worry about grams and ounces in my gear, but I do like to pack light. I think simpler is better.
Pack - Mountain Hardware lumbar pack with shoulder straps, or an REI Flash 45. I think I can get away with the lumbar pack for summer overnighters, I'll obviously need the backpack for colder trips.
Shelter - 10x7 silnylon tarp and cheapo trekking poles. This is a little small, I'll need something a little bigger for truly inclement weather. I have a couple tubes of silicone and some spirits and a big whack of ripstop waiting for me to get around to making a bigger version.
Sleep system - DIY hammock, Klymit Static V and pillow, and an antique mummy from REI. I can't sleep on the ground and be truly comfy, the hammock is great as long as I'm camping somewhere I can sling it. I'm considering one of the lightweight backpacking cots for trips in southern Utah where the trees are scarce (and fragile!).
Cooking - MSR Dragonfly and an old Stansport kettle, plastic spoon and fork, sierra cup.
Others - I carry a small first aid kit, a pair of monster 48oz Nalgene bottles, a small water filter, a small repair/patch kit with needle and thread and superglue and duct tape, matches/lighter/emergency firestarter, signal whistle, an old Garmin eTrex, all that stuff. If I leave behind one of the Nalgenes and bungy the sleeping back to the straps I can pack all that into the lumbar pack. I haven't been out with it yet to know how much I'll like having the sleeping bag on the straps like that though.
I hike in a set of lightweight Merrils or my burly Danners, depending on terrain, and I've got a random assortment of fleeces, softshells, base layers, and raingear to keep the weather away. I sleep in sweats and a Mountain Hardwear fleece when the temps dictate, but I think a new sleeping bag is next on the list. I'd like something a little warmer and a lot more packable. I've been eyeballing the kits at thruhiker.com with envy and if I can ever stop spending money on trucks I'm going to give a DIY down quilt a try.