Yep, bandsaw is #1. It's the first big shop tool I bought and it would be the last to go.
#2 is probably my drum/thickness sander. At first I wasn't sure I made a good decision with that thing, but now I love it and wouldn't want to be without it.
Everything else is important, but about equally so... edge sander, planer, table saw, jointer, drill press because I have it rigged with sanding drums.
Actually, how they rank depends on what kind of bow I'm making.