You're going to get lots of different feedback from different folks because almost no 2 people agree on everything, but let's get that conversation started in another thread because I have a hunch that you won't be the only one who's interested. I'll write up a thorough post tomorrow and ask for others to argue, comment, etc. If you want to keep it as cheap and simple as possible, and you don't mind using used gear, you can be set up with all you need in very decent gear for around $100. If you want a new rod and/or pay full retail on your fly line, that price doubles. If you want equipment that you'll still be happy with in 5+ years, that price doubles again. If you want top of the line ... well, your heart probably isn't ready for the price of that. I'll explain more tomorrow in the new thread, and I'll drop a link here for it once it's posted.