While some toys can definitely be attributed as luxury (you don't really need that iPad), I can say that my i7 Macbook Air made me a significantly happier developer. Incredibly fast for everything I do, be it Xcode or Photoshop. Check. Long battery life and lightweight - great for coffee shops. Check. This is one "toy" that actually improved my productivity.

Also, something should be said about efficiency. If you're primarily coding on a slow/old computer where compiles, etc. take longer, you may be wasting precious time. It's worth having the best tools for the job.