Heres an interesting discussion topic that has been brushed upon in the past but never had a devoted topic.
What level of works do you perform on your bike?
What does your inventory of tools include?
What brands do you favour and why?
What do you wish for?
What could you not live without?
What could you live without?
What tips can you offer a newbie in setting themselves up?
What tips can you give in general in use of tools?
Replies are obviously not restricted to these questions and you can add whatever you like but try to stay on topic - We already know that the Biggest tool is Hoffy and we could all live without him. So with that out of the way ........
I do most everything on bikes. I have spent a long time acquiring what I have and still picking up bits and pieces as I need them, and thats the key. Only get what you need. A 256 piece toolkit looks great in the catalogue but is a waste of time and money when you may only ever use 30 pieces of it.
For the newbie starting out look for a set of metric oe ring spanners and a 3/8metric socket set. A good 6 piece set of screwdrivers and a basic set of metric allen keys. A 300mm shifter wont go astray and a hammer of some sort. All of this could easily be sourced for under $200 if you look in the right places and take your time. Buy only what you can afford and what you foresee the uses may be. No point spending $300 on a set of Stahlwille spanners if you are only going to make basic adjustments.
Inventory I have built up includes
2 sets of OE ring spanners - one cheap and cheerful one good set for everyday use. The nasties get used when I need 2 of the same size - locknuts for example
2 sets of 3/8 drive sockets plus numerous extensions and wobble bars and flex drives
a Plethora of screwdrivers, some nasty but most good quality. Range in size from ultra stubby to 600mm long. They all have their uses.
A set of Ratchet OE ring spanners in the common sizes of 8,10,12,14mm. Time savers but can be awkward to use in tight spots
A set of T handle hex keys in common metric sizes. Good but have problems in tight spots.
A set of ball ended hex keys in a screwdriver configuration to overcome the above problem of tight spots.
A dead blow soft faced hammer. To hit things gently
A ball pein hammer - to hit things hard
Set of T handle spanners / sockets / Nutdrivers in metric sizes - Much easier and faster to use than the socket set
Impact driver - KH100 engines are held together by Phillips head machine screws with the same qualities of cheese and necessitated the purchase of this one.
Verniers
Micrometers
Torque wrench
Electric rattle gun
Heat gun - invaluable for loosing tight and stubborn fasteners and bearings. Plus is used to light the fire in winter
Pliers of all sorts
A pair of TyrePliers Tyre levers. These are the best tyre lever for bikes bar none! Made right here in Sunbury and can be used for more than just tyre fittment. The screwdrivers have had an easy time since their arrival .
etc etc etc.
Brands that I favour are Minimax. They are only sold on ebay here in Aus but have been around for eons. My old man has still got his set that he purchased in 1968 and they were in use daily for 21 years in the hydraulics field. Very well priced and very good quality - some of the gimicky tools are a little bellow par but overall the spanners, screwdrivers and sockets are very good. For screwdrivers you cant go past Sunflag - They are the best - I dont own any but since I have enough ( Minimax and SP ) I will have to wait until I have worn them out.
What cant I live without? The benches for the bikes.
What can I live without? The POS supercheap compressor I bought the other week

I said I never would but I did.
Tips in using tools? I have a few but the number one would be get familiar with them and use them often.