Knowlege. If you don't know how the system you're testing is supposed to work, you'll never know what wrong looks like.
A word of caution on test lights, DVOMs, and the Powerprobe. The worst thing you want to do is make a problem worse, damage a module or other electronic device that was ok, or let the smoke out. The wrong type of test light or DVOM used on the wrong circuit can create havoc on late model cars. The Powerprobe can be a handy tool but, I have also seen many techs in a hurry and not following the wiring diagram correctly, smoke modules by applying voltage where you shouldn't. That would be expensive modules. I would not recommend a Powerprobe to anyone.
Your best friend is a Fluke or ESI meter with 10 megaohm impedence to protect electronic circuits. You can also cause alot of damage to connectors by shoving the test leads into them. Flexprobes are exxpensive but, will prevent alot of damage to delicate connectors.
A couple of my favorite quick test tool are the Waekon coil on plug tester, and injector tester. They're non evasive and can tell you real quick if you have a dead injector or coil.
As others have posted, the vacuum gauge is a great little aid if you know how to interpet the readings. The coolant pressure tester can pinpoint coolant leaks easily and test your radiator cap. The adapters can get pricy though. I haven't found a universal type that I like yet.
In my opinion, you can have alot of tools and still not be able to fix a sandwich. I saw a sign on the wall in class I took once, It read Knowlege is the only tool that doesn't wear out.
