Smart Colleagues Who Enjoy Debating Solutions
For me, the one thing that makes a fun and relaxing environment is the people you work with. Surrounded with smart people who are passionate about software craftsmanship is a great way to do that. Everything else is like dual monitors, helpful, but not vital.
I find it interesting that most answers (up to this point) are physical things no one has mentioned the benefits of collaboration.
You can develop in a cave, but its easy to lose sight of the big picture.