Frontside720,
I was getting back into riding after a 15 year break and looking for quality/inexpensive gear. As said before, last years models can be bought at closeout rates. This is what I learned:
Helmet/Goggles - It should be "snell" and "dot" approved. Good features to look for are a removable liner and cheek pads. I think the best bang for the buck, $130 US, is the HJC CLX4 or equivelent. As for goggles, pick a style you like in your price range. I use Scott model 87, the foam is thinning after a year of wear and washing. I have heard good things about Scott's No Sweat model, more durable foam. They are on order for next year.
Jersey Pants and Gloves - I bought my son No Fear's Spectrum gear combo, $79 US for gloves pants and jersey. I have Thor's Phaze gear. Both are good entry level gear but I think the No Fear pants are a bit thicker. If bought separatly, gloves are in the $12-$40 US range. Look fora thin grip side with some padding on the top of the fingers and knuckes. Choose what feels good to you.
Boots - Thor T-30's seem to be a good entry level boot for around $120 US. Oneal and Gearne seem to fit a wider foot, where the Alpinestars and Oxtars seem more narrow. Almost every manufacturer has an entry, mid and top end boot. This is where I wouldn't skimp, buy the best boot you can afford. I purchased Oneals Hardware boot for $200 US. The size 13 fit my 12EEE foot.
Chest Protector - Find a design/manufactuer that you like. The key is to buy one and wear it. I prefer a model with bicep protection. If you are flexible on color, some closeouts can be found for 50% off.
Knee/elbow guards - I purchased the Fox standard guards for $11 US. Take a rock in the knee one time without them, they are a must have in my opinion. Good elbow pads can be found in the $20 US range. I prefer the velcrow elbow guards instead of the slip-ons. My fore arms are kinda big and the slip-ons feel tight, even the XL ones. The the velcrow style can be adjusted for looseness.
Here are some online sites I use. I've had good experiences with all of them.
http://www.motosport.com/index.jsp
http://www.denniskirk.com/jsp/common/Frontpage.jsp
http://www.bobscycle.com/
http://www.rockymountainmc.com/
Hope this helps, Steve.