eli452 said:
+1 on the flashbender products. They roll up and fit easily in a bag. They have a portrait kit that comes with with a flashbender/diffusion panel, bounce card, snoot with a grid and flash gels for about $150. Not a bad price for what you can do with it, and it's compact for storage.
I had asked the same question a while back and one of the members here, PrivatebyDesign, recommended getting a boom stand. He was right - it's been great to work with. I wish I had gotten the manfrotto, but the promaster at the local camera store was easier on the wallet at the time. I also would recommend getting a boomstand.