Last I checked, basic electronics learning does still involve the basic analog stuff.
Saying that decoding serial protocols is more important than being able to view analog signals on an oscilloscope means that you aren't learning electronics, you are just one of the new arduino generation
Well, ok, that's fine if that's just what you want to do, but that thinking IMO does not belong to "setting up a basic electronics lab".
#1 - Multimeter
#2 - Power Supply
#3 - Oscilloscope
#4 - Soldering iron
A bus pirate would rank somewhere down in the double priority list.
As one of the targets of a post like this, the one thing we really need? A lexicon to translate all the buzzwords used by electronics geeks into human-readable format.
Like, wtf is a 'bus pirate'? (yes, I know - read back in the thread... but this post is meant for n00bs... but it looks more like a 'this is why I'M cool' thread for experienced electronics dudes... us learners got lost about page 2.
Having just recently started trying to learn electronics, my toolkit currently contains: a ton of hand tools - that I already had, like screwdrivers, side cutters, pliers, multimeter, unsuitable soldering iron, etc.
What it has recently acquired: breadboard, bench power supply, a better multimeter, better lighting, lots of connectors, better quality solder, boxes of resistors, caps, transistors, LEDs, switches, plugs, little plastic boxes, a hobby mat (for cutting and soldering and glueing stuff), batteries and holders.
What's next? A better soldering iron, a logic analyser and an oscilloscope. And apparently I need a waveform generator, but I'm not sure why.