the cannon is fine as long as it fits your hands (too small for me). in terms of lenses: faster is better (but more pricey)
most cameras "come" with a 20-70 mm or there abouts lens. add to that a wide angle (10-20mm) and a tele (100-300mm) and you've got a nice setup.
don't buy cannon if you can help it -- I think they're way overpriced. Look to Tamron or Sigma. They make VERY good lenses.
For serious wildlife pics nothing beats a 300mm f/2.8 lens but these start about $2500. a good 100-300 f4-5.6 will go about $500 (I'll show some pics in a minute).
If you're going to get just one lens, I would highly recommend getting a 70-200m f/2.8 . A fast, mid range that will do alot for <$1000.
FWIW, I have the following (#s are approximate):
Tamron 19-35
Sigma 10-20
Minolta 20-70
Minolta 18-70
Cannon 30-150
Minolta 100-300
Minox 62ED scope with adapter (1400mm f18 equivalent)
and am shopping for a Sigma 300 f/2.8
Last edited by UtahLefty; 12/19/07. Reason: got a brand wrong