There are quite a few versions of 'woodworking', so first you need to decide which is the most interesting or appealing to you.
As to the tools you may need/want, your selection will depend on the variety of woodworker you would like to be.
Many framing carpenters never own any power tools other than a skilsaw and one or two electric drill motors....and maybe a small grinder to sharpen their hatchets and chisels. If anything, they are likely to have a small compressor and a couple of air nailers.
At the other end of the spectrum are the artisan woodworkers, who make exquisite custom furniture and cabinet-work, primarily with hand tools, and may have a small table saw, and light drill press, if they use any machines at all. These are most likely to have a very sophisticated tool grinder, tho, and quite a collection of stones and hones to put the 'ultimate edge' on their tooling.
I'm not really a woodworker at all, above the 'rank amateur' level, but got into doing a bit of woodworking, some years ago, to rebuild my little 1901 vintage house, here in Cali, which had been the victim of the worst possible 'remodeller', and then was badly vandalised by bad tenants. I can't say I enjoy the sawdust, but restoring an old house can provide a great amount of personal satisfaction.
I first 'went over-board', sweeping our local flea market for old, high quality hand tools, and getting way more than I found I'd ever really need.
Having been in the machinery field for some years, I did know how to evaluate woodworking machine tools, and found that the first-cost investment in good equipment is easy to justify, if one wants good accurate work in such things as making up the sort of window assemblies which were supplied by millwork shops back in the 1920's.
Finding good equipment takes some time and effort, to be sure. I have a personal preference for the old Oliver make, but there are others as good, such as Tannewitz, Northfield, Yates-American, etc. For light work, the old Delta and Walker-Turner equipment is serviceable, if used carefully......think 'pre-64' as in Winchesters.
One of the best investments in woodworking equipment I've been able to make is my Oliver 'No. 1 patternmakers' vise'. I began by making up a woodworking bench for myself, and found the Oliver vise to be an especially useful and convenient tool.
The good machine equipment requires three-phase power, to be sure, but setting up a phase-converter is surprisingly easy and cost-effective.
As I got into woodworking, I found that my motive was more 'visualise the job and get it done', rather than taking pleasure in the act of doing fine woodworking, as do the artisan woodworkers, so I preferred doing machine woodworking, using hand tools when necessary.
The saw machine I personally think optimal is the Oliver model 232, the smallest of the serious saw machines, which is direct drive and carries a 12'" or 14" blade. When set up correctly, it is a reliably accurate machine.
I also got a smaller Delta 'unisaw' for light work, but that was cos a friend got it in a surplus lot, and gave it to me.......it took more time to remove the many layers of Air Force paint than the machine was realistically worth, actually, but it is a nice tool for light work.
Using a moulding-head on my little Delta unisaw, for example, would make up nice mouldings in a tiny fraction of the time needed to run the work with the old Stanley combination plane, altho the moulding-plane does nicer work in hardwoods.
The hand tools I'd consider 'indispensable' would be the Stanley model 3 'Bed Rock', and model 65 low-angle block planes, the 'Berg' Swedish-made chisels, which keep a very sharp edge, 1920's or earlier vintage Disston and Atkins hand saws, and Starrett or Lufkin levels and measuring tools.
Well, thats one person's opinion.........as the saying goes, 'your mileage might vary'
I can say that woodworking can be a source of really worthwhile personal satisfaction in accomplishment, when one visualises a project, and then is able to make it reality.
If you choose to get into woodworking with machinery, look into the new 'woodworking' section of
www.practicalmachinist.com and learn from the best.
There, and also, the 'OWWM board' is where the folks who really know the field 'hang out' on the internet, these days.
cheers
Carla