That could be an interesting thread. Will probably have numerous different responses. A lot depends on whether you are going to be bank fishing of fishing from a boat. The basic in my opinion are a good open face spinning reel ( does not have to be an expensive reel), a medium or medium light rod about 6 or 7 foot long. As for line here again you get lots of different opinions. Myself I use Trilene XT in the 4 or 6 pound test. I am currently using a light green color line that they no longer make. I like it because I can see the line better then clear monofilament.
You will probably find that if you can try other peoples gear to find out what you like the best it will save you from buying something that later you wish you had not. Don't knock the Zebco 202 that has probably taught more of the basics of fishing than can imagine. I find that the KISS technique (Keep It Simple Stupid) works really good. In my opinion a lot of the gear for all types of fishing is designed to attract the fisherman not the fish.
Hope this helps...know there will be lots of responses.
P.S. Check out the articles on Darryl Morris website
http://www.familyfishingtrips.com/News.htm