After I decided to switch from Extract to PM, the only "new" item I needed was a MLT. Search the forum if you're handy and want to build one for cheap.
If I may add my $.02 though... If you are thinking about going PM, I would really make sure you understand how to tweak an extract recipe so you get the best possible brew's before you try PM. The reason I say this is because I still got the dreaded extract "twang" in my PM I just did, which to say the least was very discouraging... after searching the forums, I realized there were a lot of things I could have done different to prevent the twang in the first place.
Bullet points:
1. Full wort boils
2. Late extract method
3. DME, not LME
Most important... read read read until you really understand the process. If you understand the process, you know what equipment you need.
Good luck