I have a standing Wavemaster XXL, like the one Cathe uses in MMA:Boxing Heavy Bag bonus. I love it, but I think one that hangs from the ceiling would be great too. I guess it depends on the area/space you exercise in. And as for gloves...well, I use the wavemaster gloves but also have 12 ounce boxing gloves. Are they necessary? That too, depends. I like them because it protects your knuckles and fingers but I don't think its a MUST have. It is nice to have though
I'm not sure if this helps you. Its just my perspective on things.