My wife bought me a bench from Wal-Mart. it is a Marcy, and it handles the olympic bar. It does several different incline angles, decline and will adjust to do several other positions. It has a leg machine on it. It does not have a pull down cable though. I think it was about $130. I grabbed a Weider olympic bar and weights totaling 210LBS for $80 at sears. There are no 45's though. With a pair of 45's I'll have a 300# set.
I would say not to spend too much for a home gym because you can't get everythign you need in there without spending a fortune anyway. At some point you will want to swap out to a gym membership to get access to all the equipment you'd need. A home Gym is a good way to get started and make sure you are going to stick with it though before signing a contract for a membership somewhere and then using that once.