Stuff is just more and more digital and microcontroller based, or just so cheap yet incredibly integrated that there's no point in trying to work on it. (I'm thinking RC toys for example. Undocumented and very cheap. Doesn't work? Buy another.)
While I still do old-school electronics like circuit-level troubleshooting (on old test gear), that's not where the majority of hobbyists seem to be.
Yet one thing I keep hearing is how people want an oscilloscope to work on hardware. I think it's just not that necessary anymore.
What I use most are two regulated DC lab supplies, a frequency counter, a USB logic analyzer, a USB I2C/SPI master, and a USB-RS-232 dongle. That covers a lot of modern electronics.
I have two oscilloscopes, a 100MHz two-channel stand-alone USB unit and a 1960s analog plug-in based mainframe that is a '70s hacker dream scope. But I rarely use them anymore.
What equipment do hardware folks out there use the most? And would you tell someone trying to get into electronics that they need a scope?