I love, love, LOVE my Wusthof Grand Prix chef's knife. A very lovely friend of J's family bought us a set of three Wusthof knives as a wedding gift, and I adore them. We have a set of Cutco knives as well (also a wedding gift) and while they're fine and we do use them, they just don't compete with the Wusthofs. But to be honest, I could get by (and pretty happily) with nothing but the chef's knife.
If I were you, I'd save up and buy a good chef's knife. Paring knives aren't quite so important in my opinion, and you can probably get a good one fairly cheaply if you're not hung up on sets.
It might be worthwhile signing up for two weeks' free trial membership to cooksillustrated.com so you can read their knife reviews. They generally come up with some bargain buys as well as the good and exensive brands.