Carpentry and Woodworking - Favorite router bit?

What is your favorite router bit? I want to begin getting my collection of carbide bits and want the sizes that will do me the most good. I will want to purchase a corner round, but what size first? Also, probably a "beading bit", but then again what size? I will mostly be wanting to make picture frames and decorative edges on boards .75" - 1" thick. Are there other bits I would want to consider? If you have not guessed, I'm new to this. I have not done much wood working since high school, but work with steel everyday. We have lathes, milling machines, drill presses, welders, plasmsa torches, etc. Please help me out, at $25-35 a piece I don't want to buy bits and have them just sit around.
Keegan

You probably also want a rabbet bit, for your picture frames. A good carbide bit along with a bearing set will allow you to cut various rabbet depths.