Not too long ago, I would have voted this higher but I have replaced my processor with my mandolin slicer and my handy little immersion blender and chopper. These are always out on my counter, easy to clean and do the same job as the big one. Since our family is small, only two, these are just what the Doctor ordered for us. We use them everyday while my processor sits on top of the fridge.

This is an absolute kitchen requirement.  It saves me lots of prep time and is especially nice for things like vegetables.  A food processor is fairly inexpensive, I picked up my Black & Decker for 18 bucks. The only drawback I can see is that it is more laborious to clean compared to a knife and cutting board.  It's not enough of a drawback for me to give it up, though.

This is essential, especially for my famous latkas. I put lots of onion in!