Join Date: Apr 2010
Location: Near Boston, Massachusetts
Here's my take, coming from a different perspective than most of the folks here.
Don't buy a table saw right away. Don't buy a jointer right away. Don't, in fact, buy any big expensive tools right away.
Buy a reasonable quality circular saw (probably around $100) and some extruded aluminum for a guide. I recommend two pieces, each a bit over four feet long, and a way to join them together. With that, you can cut down any size plywood to any other size plywood, without needing to be able to maneuver the sheet over a table saw. With some practice, you can get extremely accurate: my last shop project was building a plywood cabinet, and the largest deviation I saw was under 1/32" over four feet. For practical purposes, that's straight. Total investment, under $200. Add a really good rip and a really good crosscut blade -- you're at $300 or less, and you can rip or crosscut basically anything, though thin stock may require building a cradle to keep the saw flat. Then again, for ripping thin stock, you could easily use the band saw you already have.
Next, find a project. A bench is a good one. Figure out how you're going to build it, and if there are tools you're missing, buy them. Try to find a design that will work well for both power tools and hand tools, since you're not sure which way you're going yet.
Now you've got a way to cut stock to size, a few other tools, and a place to build things. Now pick other projects -- shop cabinets, end tables, little boxes to give away on boxing day, whatever -- and figure out what tools you're missing. Buy those, and start experimenting.
As to the hand tool/power tool debate: I like hand tools. I find them more satisfying, and either just as fast or only a little slower. Your mileage may vary. But think carefully about your shop space: I started moving towards hand tools because I wanted to work in the house when it was cold out, and that meant big power tools weren't really going to work for me. Once I started experimenting with hand tools, I found I just plain liked them better, which pretty much made the decision for me.
And whichever way you go, if it's not working for you, change it!