I went through the exact same thing in May 2006 and ended up spending about $1500 on the reg/octo ($495), computer w/QD & Compass ($730), and BCD (200). I did a lot of research via ScubaBoard, Sport Diver magazine, the internet and my one local dive shop and this is what I found out.
1) Whatever equipment you buy should be purchased from an authorized dealer because warranties do matter.
2) Scuba.com has some of the most competitive pricing on, and selection of, fully warranted equipment out there. Their pre-sale service was excellent, and within a week or two I should be able to tell you more about their post-sale level of service because two items have gone back due to malfunctions. I'll keep you posted.
3) The critical pieces for your initial setup will be your mask, reg., exposure suit, fins computer/console, BCD and a dive light. The previous were all pieces that I used every day on every dive of my first two week, 40 dive, dive trip. You might also want to purchase a safety sausage (important for visibility in high boat traffic areas and something that I did use regularly, although not on every dive) and a knife (although you will hopefully never need it for recreational diving, it can be important for safety).
4) And, since you're like me and you prefer warm water the important thing to take into consideration is that a lot of that diving (any diving really) occurs in very unregulated environments. When we're underwater our equipment is our life-support. In the U.S. liability is a huge issue and shops here are more likely to maintain their equipment accordingly. Outside the U.S. you have no idea of how the equipment is maintained (if it is maintained). Not to mention that the cost of renting adds up very quickly.
The more experienced divers on ScubaBoard and at Scuba.com (instructors, tek/wreck, master, etc.) can provide you with a wealth of information - but the bottom line is that it comes down to preference AND fit...
My experience on the critical pieces is as follows:
Fortunately, the biggest equipment problem also happened to be the least expensive to deal with 9while on the trip); the mask I purchased fit great in the shop, but filled up like an aquarium below 10 ft. - that's one piece that I would test before buying if possible. My mask was a Sea Vision, it was very expensive, and now I have to sell it.
The BCD I went with the Cressi-Sub AquaPro 5R. It had all of the features that I was looking for, fit well, and was very reasonably priced ($199.95). It performed extremely well and as my skills develop, should the focus of my diving change to something where that BCD is no longer adequate, I'm not out a ton of money.
The Reg (and octo) that I went with was the Sherwood Legend ACD. It has an overbalanced/dry first stage; it performed extremely well regardless of depth (and is rated far beyond recreational boundaries). The first stage also has all the ports you might ever need. I do not know which of the new Sherwood regs replaces the Legend ACD.
The computer that I chose was the Sherwood Wisdom Air-Integrated with the Quick-Disconnect and compass. The computer is easy to use, and read while underwater. Another benefit is that its downloads provide great feedback. However, the compass is not great, but is adequate for most situations and is something that you should have (and will learn to use - and appreciate - when you do your nav' specialty... which is an important safety skill). now that I have my "hosed" computer, my next one will be an "air-integrated hose-less" (and the Wisdom will be my back-up). I did have a minor problem with the computer not downloading the first 13 dives that it has in memory (but the other 27 downloaded just fine), so it has gone back to Scuba.com to see if they can figure it out (if not, it's under warranty).
Dive lights and knife are Underwater Kinetics. The lights are the SL4 and a C8 Light Cannon. The SL4 flooded on its first dive (but has warranty), so I was glad I had the C8 for a backup (because the resort was charging $8 per day for renting the SL4). Hindsight being 20/20 I should have bought 2 SL4's because that size light is what I would have used the most, and was more than adequate for most dives (plus the batteries last a lot longer). Speaking of batteries, buy rechargeables and take the charger with you. The Remora knife is a blunt tip (for safety) titanium; I didn't need it, but if I had it would have been all that I needed.
If you have any other questions let me know.
Best~
J