As things stand, my workout is more or less machine free barring the increasingly rare occasion where I use the leg press machine or lat pulldown. Now that, I'm getting better at chin-ups and pull ups, the latter is no longer part of my routine and as I'm looking to improve my sucky squat by squatting more, the leg press is also on the back burner.
If I had a home gym (a dream of mine), it would have a power rack, a bench, barbells, dumbbells, plates and somewhere to do chins/dips. In answer to the OP, I wouldn't give up my squat rack cos I don't wanna get squashed and as Fazc said, the bench press is a good exercise so I wouldn't give that up. I'd give up machines cos I don't use them anyway