I will add a couple of little caveats to Mickle's advice: If you have a aluminium race bike with lightweight tubing, it's a wise move to make sure the head tube has been reamed to ensure it's both round and has the required internal diameter. I have seen a number of cracks in headtubes that probably can be attributed to the welding distortions not being removed by reaming. It's worth doing it with all frames but steel / Ti are more resilient.
If you are going to fit a high end headset, make sure your frame has been 'faced' as well. This ensures the top and bottom edges of the head tube are square and parallel. There's no point in spending money on a high tolerance bearing if you install it on the slosh.
Both these operations only need to be done once before its initial build up, but it's often skipped. The cost of the frame is no guarantee it won't need doing. New Colnagos require the most prebuild fettling.
The cost of bike tools doesn't have to be recovered in just one use. If you 'enjoy' working on your bike and you look after more than one, then a headset press will be worth considering. The Cyclus model is about £40 and I find it's an improvement over using the vice. The race removers and seat setters can more easily by replaced by the careful use of bars, tubes, hammers and screw drivers, but each of these aren't that expensive if you want the real thing.
The reamers certainly aren't worth considering as they are very costly and you only need them once per new frame. Definitely a LBS job.
