If I had to buy a rack now, I'd probably go for the new Dragon cams and the new Metolius master cams for smaller sizes. Rock Empire ain't bad, but Camelots and Friends are better. They all work.
For a beginner rack I'd get nuts first (at least 10) and then hexes. Don't bother with Peanuts (or micro nuts) and also don't bother with the really big nuts (Wild Country #11 and bigger), they are almost useless. Get Hexes, they are a must, I don't get why some people don't like them. In my experience #5 - #8 are the most useful. Get Wild Country hexes, they work the best, I don't like wired hexes, they are nothing more than big nuts. If you have enough money for cams, get medium ones first (20mm - 60mm), they are used most and are the easiest to place (less prone to walking).
Get a nutpick, they are cheap, so get one for all your friends. Or otherwise you can just tell me where you climbed and I'll go "shopping".
Get enough racking biners, one for each cam, and one for your hexes and two for nuts (1 for small ones and one for the bigger ones). A few small locking biners can be useful, I have 6 and they are plenty enough. One large locking biner can also be useful at stances (apart from the one for your belay device). I rarely take more than 10 draws on a climb, but I like ones with long dyneema slings. 4 of my draws have 60cm slings, they work fantastic (planet fear had an article about building the ultimate trad quickdraw, go look for it, it's awesome). It's a good idea to get a few slings. The cheapest is to buy a buy tape and make your own slings at the lengths you want. I have 3 X 60cm and 3 X 120cm slings, but rarely take them all with me. I use them most often to sling trees, chock stones or chicken heads, but they are also useful as runners for cam placements that I'm afraid might swivel out of a precarious placement. Get at least 1 biner per sling, locking biners are a good idea here.
50m ropes will be fine, but I've climbed to the end of my 60s on a number of occasions, but you are much more likely to find a 10m pitch than a 50m+ pitch and the long ones are always optional. We've climbed a route the other day with a 10m and 5m pitch to start with and a 35m 3rd pitch - needless to say we did it in 2 pitches. Will you get down from Boggle on 50s? I suppose you can always top out.
You will need time to figure out what you want and what you find works best, so try to climb with someone with experience, a mentor is very very valuable and you get the chance to figure out what you like before you spend the money.