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My rule of thumb was price. Anything that we could buy back cheaply at a consignment sale I sold: bouncer, swing, exersaucer.
Anything that is in pristine condition or would be expensive to replace I kept. Stroller, baby Einstein jumperoo, etc.

We are happy with one, and we may have problems TTC.....but we are still leaning towards 2.
I say if you have the storage space, keep the good stuff...sell the rest.

I gave ours away to friends with the 'pay it forward' attitude that if we're blessed with a second they might find their way back.

I limited myself to one big box (the box that our convertible car seat came in). Whatever I could fit in there I kept.

@SugarplumsMom: I hear you, I got a jumperoo from ebay, I want to say the whole thing cost $160 and the majority of the cost was for shipping!

We sold it for almost what we paid when we were done with it, but I felt okay doing that because we were relocating and I knew I could pick it up for $50 at Walmart if needed, YKWIM?

@SugarplumsMom: I don't like storing things and my husband gives me crap about storing Holiday decorations so I sell it.
I sold all of first sons baby things except for his Baby Einstein dvd set, I truly missed 3 items. His crib, a push toy no longer made, and a LeapFrog shopping cart also no longer made. There's 9 years between him and his sister, those items would've lasted!
With Maddy I sold everything except her bouncer and walker, and only because they didn't sell before finding out about #3

It's expensive to replace, yes, but sometimes you'll find new items you like better. It's all about space!