You can spend a lot of money if you want to. Off the top of my head:
easier upgrades: scsi2sd or ide-scsi adapter, rominator, 128mb, floppyemu, ethernet (scsi-ethernet,localtalk-ethernet or internal card)
harder upgrades: recap the logic board, multi-card upgrades (req. iisi adapter/twinspark) e.g. daystar powercache 030 + ethernet or micron xceed + greyscale + ethernet. These probably require upgraded power supply (artmix sells one for $$$) or recapped power supply and/or recapped analog board.
Peripheral upgrades: apple branded external cdrom like 300e/600e, appledesign speakers, sc20c (apple branded). ADB/PS2 adapter so you can use an optical mouse - or a kensington trackball (original ball mouse is pretty much unusable).