It seems that most people are in the "go big" camp. I went with a guy last year who dragged a sled full of crap on his snowmobile to his bobhouse. I don't how many trips he needed to unload that thing when Spring came about. I only went once with him, we were comfortable but I just found the bobhouse to be weird.
I prefer the minimal approach - it helps that I don't drink, have no friends to tag along, don't party and only enjoy my kids company.
I use a plastic kid's sled with:
Tipups
Jigging rod (optional)
Skimmer (ladle with holes to clear the ice off your holes)
Hand auger (smaller is better - I use 6", if I get a fish too big to get through a 6" hole I'll shoot it, then enlarge the hole) so I don't need to mess w batteries or gas
Camp chair
Bait Bucket
Hooks / sinkers / sounder
Waterproof pants
Parka
Ice cleats
Dig your holes, set your tipups, sit with the wind at your back and face in the sun.