I had my first two children in the early 1980s, when baby loot had not yet become the extreme it is today. If you peel away all the nonsense, there are only six baby items you truly need to have when you have a new baby in the house: a crib (with sheets and blankets), a stroller, a car seat, a seat to set them in at home, a high chair, and baby bottles. When it comes to clothing, it is wise to keep it to a minimum, and keep it simple. They don't spend much time in one size, so only get what is absolutely necessary.
What would I consider as useless loot? In my opinion, a changing table, swing, infant tub, a mondo-sized multi-pocket baby bag, intercom, and a bedroom completely devoted to one child. I've never been a fan of a bunch of toys either. When you consider how many toys our great grandparents had, the kids today are too pampered. If you give them too many toys, they won't want to go outdoors to play. Most of my childhood was spent outdoors exploring and creating a fantasy world under the trees. There were bugs out there, but my parents never kept me in a bubble.
If you are planning on another child, it doesn't have to be complicated and expensive. If you're going to be a grandmother, teach your daughter to keep it simple! All those things she is buying today will become clutter for tomorrow.