A rotary blade sharpener -- will save you lots of money on buying new blades. What about additional feet for your machine? Gift certificate to your LQS? I just asked my DH to keep paying my credit card bills -- lol.

You might want to look on Leah Days website, beore signing up at Craftsy. She does many tutorials on a lot of aspects of making a quilt, ironing, pressing, FMQ, etc. All for free! It's http://www.daystyledesigns.com.

I agree with eparys; get that 6" x 12" Olfa ruler!

* Also a book called The Art of Classic Quiltmaking by Harriet Hargrave and Sharon Squire if you can get only one.
* A gift certificate to Connecting Threads for fabric, books, threads, batting -- www.connectingthreads.com.
* Several spools of natural/ecru and a couple spools of medium gray 100% cotton thread. With these you can piece virtually any quilt. Get them from Connecting Threads with that gift certificate!
* Clover brand seam rippers.
* a package of 45mm replacement blades for your cutter.
* a package of Hobbs or Quilter's Dream cotton batting in KING size.....from this size you can make FOUR lap-sized quilts!

Jan in VA

In a small space I also like to use my two sided thingy...one side is a cutting mat, the other side is a pressing surface. Oh, and I love my cutting mat that turns...I don't know what it's called. Also a padded tv tray for pressing in a small area.
Joan

I would totally go with the sharpener for the rotary cutter! That's on my list too! Another thing that might help, depending on your space is storage items. Right now my craft room is literally a sea of fabric, and you have to wade in to get to the shelves where all my little stuff is. I don't know if you plan to do any applique work at all, but if so a pressing sheet helps a lot and Steam a Seam as well!

Seam ripper!

Small scissors (thread snips)
Clover Seam Ripper - I've tried several, Clover is great.
A set of the Spiral-eye self threading needles - http://www.spiraleyeneedles.com/
A roll of 1" green painters tape - seriously - MANY uses for this stuff - great stocking stuffer!
Mary-Ellens Best Press (starch)

These are all great suggestions... but I think Jan has really hit upon many important "must-haves"... I would add, perhaps, a gift certif. for a class or two at your nearest or favorite LQS... Every class I've ever taken has REALLY paid off!!

A Big Bottle of Elmer's School Glue for basting. Sooooooooooooo much easier than sew or pin basting!!

A "klutz" glove for the hand that is placed on your ruler. You never know when that rotary cutter is going to slip or you don't place you hand well enough away from the edge of the ruler. Better safe than sorry.