Horses for Courses!!
I've had quite a few Canon bodies - a EOS500N film body being the first, then an EOS300D, both now gathering dust. But for both random event photography and the occasional wedding I do, I use a 400D as a back-up to a 5D (mk1). Quite different cameras, but the lenses I use are perfectly happy on both cameras. Here's my bargain-basement route to lens nirvana:
EF 50mm f/1.8 : Awful plastic body, stunning results on both bodies. Flash-free portrait photography indoors and in low light - what the hell else do you need? I've done several events with just this lens. £110 new.
EF 85mm f/1.8 : More expensive than above, but better build all-round. Has quite a long reach on the 400D, which is quite useful. £250 new.
EF 70-200 f/4 L : The best value for money 'L' lens available - and nearing perfection for a short telephoto lens. Lighter than the f/2.8, but with better sharpness and contrast. If you need more light, just use a damn flash. And if I need more reach, I stick on the 400D and get the 1.6 multiplier. £440 new.
EF 17-35 f/2.8 L : Buying a good full-frame wide-angle is difficult because they're mostly all crap. Even this one isn't amazing, but I get some stunning shots from it. The newer revisions might be a little better, but look at what I paid!! This also make for a great standard lens on the 400D. The range is a little short, but just use your damn legs. £280 second-hand.
The point I'm trying to make is that each lens is a different beast on each body. And that's a great thing, because it give me more value. I love that fact that my wide-angle performs as an awesome normal telephoto on my 400D. There are other routes to lens nirvana, probably cheaper that mine. But the point is, I've never felt the equipment was lacking.
Paris, because she knows how to use a wide-angle lens properly...