What is the best way to baby proof the kitchen?

Knob covers/latches. A great way to baby proof the kitchen is to get down on your hands and knees and look at what a baby can pull on, open, turn, or put in their mouth. Often times, it's the stove and oven knobs that need covers, doors need latches (even the fridge), pots and pans that can be pulled down need to be put up, cords of course need to be put up, and sharp/heavy objects need to be put away.
Locks. Be sure to put baby-proof locks on all cabinets within reach of a child. Additionally, place cleaning products and medications high and in cabinets locked with a key. Have baby gates available for the doors to and from the kitchen. If there are any blinds, be sure that the strings from them are out of reach or covered. Insert baby-proof plugs into all outlets.
Baby´s point of view. Look at everything from where they are looking at the world, limit access to the kitchen. Secure free standing stoves and ovens as they may tip over. Secure cabinets with baby locks. Use backburners to cook and turn pot handles toward the back. Be careful with tablecloths. Think of the obvious, and if you think your baby wil not "get into" something, count that he will!
Latches everywhere. In babyproofing a kitchen, be sure to put childproof latches on every door or drawer that opens, block off access to anything that a child can pull down (such as towels, cords, wiring, etc.), and crawl around to pick up (or vacuum) any little items. When cooking, do not allow a child inside the kitchen area (burns leave permanent scars!).
Crawl. Get on your hands and knees and see what they see. Remove anything that you see as dangerous.