A few things I've learned:
Knives - Best to buy one or two really good ones, and let the rest be cheap. My 6" chef is the one I reach for most often, followed by an 8" Santouki. I use other stuff for butchering and BBQ that's more commercial-grade (Dexter Russel), but doesn't really look good in the kitchen.
Pots - Calphalon, Al-clad, etc. are all good. Again, focus on the couple of them you know you'll use. Also be very careful not to use metal utensils, on your non-stick stuff. Here in Texas, our local grocer (HEB) sells All-Clad pots that have been re-branded with their name. And I can get these for less than 50% of what I'd pay for comparable Al-Clad, when they go on sale.
Pots #2 - If you think you may ever go induction, do use a magnet. I thought I never would, and now have a huge Al-Clad set that's now worthless to me. I had to go induction, since my house only has electric... as many around me do. And induction kicks other electric's ass, though it's a wash vs gas, better at some things (lighting fast boils), and worse at others (still prefer gas for low-saute).
But the general theme is, if you're starting out, focus on a couple very good pieces. You'll gradually be replacing stuff anyhow, and I'm guessing there will be one knife you use 50% of the time, and probably two pots you use 60% of the time. Buy good versions of those.