I'll second that motion; I went with a basic six pack and a used KX-125 nav/com thinking I could use the VOR for basic IFR capability, enroute nav plus VOR or LOC approaches. So far it hasn't hindered me that much, but I'm now kinda wishing I had an approach capable GPS as well. The problem is as Paul described, there are fewer and fewer basic VOR usable approaches these days. At my home 'drome Hooks (Houston) I can't do any approaches since they're LOC(ADF req'd) or GPS; same goes for Conroe, Weiser and most other nearby fields, they all require equipment that I just don't have.
On my return from LOE last month Houston was overcast with ceilings ranging from around 1200 to 1600' OVC. The best I could do was a VOR-D into West Houston; broke out at about 1300 ft and had to sneak underneath the 16 miles over to Hooks. So there I was; solo, no autopilot, night, actual VOR approach followed by a "reposition" to home base. As I rolled the ship back into the hangar I was dreaming of an approach capable GPS... and an autopilot... and a paint job. But I digress...