In terms of shoes: running-wise the structure or pegasus are everything you need as a runner. Add the streak LT and regular 3's and you're done. If you like the nike fit this is it. Cheap, flexible, good cushion. Good shoes.
Everything else is pure lifestyle and rather sucks for competitive running. Flyknit stuff, free, lunar. Too expensive and gimmicky. Even though I have to admit that this stuff looks far better than everything else available on the market. Especially the apparel looks very good and fresh. Once you get this stuff you don't want to go back but after all you don't really need it.
Plain warm up suit, long sleeve, shirt, tight and shorts seal the deal. Cheap stuff or not doenst matter after all if you only care about times and not about the lifestyle factor.