congrats! Don't buy any clothes, you will receive more tiny clothes than any baby could possibly wear, even from people you haven't seen in 20 years. My kids lived (and sometimes still live) in hand-me-downs and my second baby was far more uncluttered than my first. I even uncluttered my pushchair once I found that slings are far more convenient and take up a stack less space, something like a Kozy carrier http://kozycarrier.homestead.com/ can last from newborn to (at a push) a very exhausted 5 year old and makes you both happy :) There's nothing more uncluttered than having a tired baby fall asleep on your back while you're getting on with the washing up! If you're after an uncluttered baby, I think reading some attachment parenting books is a good antidote to the whole 'baby stuff' culture which seems so ridiculously predominant. Something like this: http://www.amazon.com/Attachment-Parenting-Book-Commonsense-Understanding/dp/B002IVV3KA/ref=sr_1_1?s=books&ie=UTF8&qid=1293143743&sr=1-1
Stuff you need: a car seat, some nappies (a nappy laundry service would make a good present from doting grandparents!), a few clothes to start off with, maybe a bouncy chair as my kids loved them when they were too little to sit up but wanted to be right there in the action, not much else! My babies would have disputed the necessity of a cot, judging by how little they seemed to sleep in it, but again this was a handmedown from a friend. Toys: my babies couldn't have cared less till they were toddlers! They preferred wooden spoons and empty biscuit tins over any amount of plastic :) Very small children are exceptionally low tech creatures, despite what the baby industry would like us to be brainwashed into believing...
I think the only thing I would have preferred to have spent money on in retrospect is one of those Tripp Trapp highchairs which you can use over a huge age range http://www.stokke.com/en-us/highchair.aspx My friends who have them have got their value out of them, much better than the horrid plastic thing I used which was impossible to clean and took up lots of space and was only used until my boys were big enough to sit on an Ikea step stool on top of a chair without falling off! But again, this was a handmedown so I freecycled it without having spent a penny. Whenever my friends have babies I always send them books, because they last for years and years and you need a good selection if you're not going to cry with boredom! But you won't need those till 6 monthish onwards anyway, and definitely NO novelty books. Classics only, stuff like Peepo, Mog, that sort of thing :)
You will be given all manner of crap for this baby. The things you don't want try to pass along as quickly as possible without guilt, and try to direct purchases where you can...