If I could just have just one piece of home exercise equipment (e.g. bike, rowing, etc.), what would be the best?
The best piece of home exercise equipment is the one you will use, but space requirements, price and warranty may be as important as your personal enjoyment. Test run exercise equipment at a sports store before you buy. Check out equipment that works both the upper and lower body and provides some strength-training. Elliptical trainers, rowing machines, and cross-country ski machines are in that category. Also realize that you can exercise effectively with no equipment at all. Learn how to get a quality workout with basic training exercises from the Guide to Sports Medicine at About.com.
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