Bandsaw maybe two bandsaws, If I had room I would have 3 bandsaws. One(vertical) for wood, one(horizontal) for cutting bar stock and one(vertical) for cutting shapes into flat metal. Second would be a bench vise, then a bench grinder, then a drill press , next a lathe and finally a milling machine.But out of all the tools I have I feel a bandsaw is one of the most important tools as it cuts your stock down to size so you can then pretty it up with a lathe or a milling machine.
I'm a big fan of bandsaws myself but I don't see them as absolutely required as there are multiple ways to cut metal. That being said I have two bandsaws right now. I much prefer a bands saw for woodwork. As for metal a cut off bandsaw is extremely helpful once stock gets over an inch or so in diameter. Beyond that a band saw can save wear on cutting tools if you can cut the perimeter to near net shape.