What files to migrate to a new Mac using time machine

I migrate everything, including apps and settings. Prior to executing the migration I ensure my old machine's 3rd party apps are up to date. If they are 32 bit and I no longer use them then I don't care. If they are 32 bit and I do care about them then I get them to 64 bit or find an alternate app to use that is 64 bit.

Everything you tell it, except apps that can't work, like iPhoto on a 64 bit only machine.

I transferred everything but the apps, and it worked fine.