I'm always getting asked what the setup is when I shoot. Since I've got a newborn in just a bit, I snapped a photo for posterity's sake. Mouse-over the image for notes on particular items. My studio is completely "portable" so I can transport my equipment / gear and shoot in clients' homes.
I don't use strobes -- I use "hot" / continuous lights. I didn't pay a fortune for my equipment because what I have does the job. Your mileage may vary... But I've done it this way for almost 5 years now! :-)