Here's the "must have's" on my list.

A hoop - I use a hoop for my larger projects, I have 4, 6 and 8 inch hoops. For smaller pieces, like ornaments, I usually stitch in hand.
Scissors and fob - I like to use my fob (this one received from Nita in an exchange) as a pincushion for my needle too when I have to put it down for a minute or two. I also have a little pair of scissors that fit into my container for "stitching on the go". Unfortunately, I don't have a "real" pair of embroidery scissors, but maybe Santa will help me out with that this year!
TUSAL container - must keep all those thread clippings!!
Little pot - since I only add thread clippings to my TUSAL container, I keep this cute little striped pot nearby. It will hold everything from fabric remnants & DMC bands to snack wrappers :)
Floss organizers - I use two systems to hold floss for my current projects. I'll either use a floss tag (this one from Theresa in an exchange) or this blue container my mom found at the dollar store. I love this little divided container, I can hold threads for multiple projects all in one place!
Pill bottle - this fits just perfect inside my little blue container and is where I keep spare needles.

Well, there you have it! What are the items you can't live without??