What reference-management software can you recommend?

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I am a university professor and need to start using a reference management program to organize my references. I could really use some advice as to which program would be the best! I’ve heard of Endnote and RefWorks, and I know there are probably tons of others out there as well. I don’t want to spend a fortune and I think I’d prefer purchasing a program like Endnote to having to pay an annual subscription for RefWorks (unless it has a one-time fee option?) I do not have time to try ten different free trials – I need to just pick a program and get to work using it! So any help would be GREATLY appreciated!

Post and answer: What reference-management software can you recommend?