In a first for D&D, the equipment book is actually the first non-setting supplement released; this is unusual, as the Arms & Equipment Guide for 2e and 3e were released in the middle of each edition's product cycle.
In this not-terribly-thick book, you'll find exactly two chapters: Gear, and Magic Items. Production values are pretty high, and the artwork is mostly all-new; I don't recall any recycled art. Some pictures are captioned, others are not, which is irritating.
Gear is non-magic items...new weapons, new armor, mounts, vehicles, alchemical items, etc. The weapons are the most detailed, filling weapon group/type combinations left open from the PHB, along with new properties, like Brutal (reroll any weapon damage dice of n value or lower). The armor isn't too different from that released in PHB, but seems better, I haven't quite figured out if they pay for the improvements some other way. The mounts are kind of a mixed bag, they're nice and fantastic, but their carrying capacity is rather limited. Vehicles I haven't looked at too much, and alchemical items seem useful.
Most of the rest of the book deals with magic items, of all the varying types, from the plussed (weapons, armor, amulets, implements) to the random, including more potions. There are a great many of each type, including a boatload of magic weapons. Many old standbys made it in, from the sunblade to the decanter of endless water to the various bags of tricks.
It's nice to have this out so early, when it's most useful. The one main flaw is also a virtue, in that the magic item properties really aren't excessively useful in most cases; many properties are once/day powers that are nice, but limited in utility. On the other hand, this means there aren't going to be One Best Item of each type for a given level, and even if you get kind of a weird item, at the very least you're getting the base enhancement bonus your rolls or values.
One useful inclusion is a "move the magic" ritual, that allows you to move an enchantment from one weapon to another, so if that +2 Sunblade drops on a scimitar, but you want it on a khopesh, you're good to go. There are suggestions on making unique magic items, but nothing specifically crunchy about that, and, of course, there are no new artifacts.
On the whole, a pretty good book. While not absolutely perfect in every way, it's definitely a worthwhile buy for any 4e player or DM.