I'm with Goldy: something they'll use a ton. Maybe it's a guy thing, although I'm pretty sure my wife also loved the practical stuff we got. It seems like there's always a ton of cute things, and they end up piling up unused, 'cause you're so busy with the logistical things.
For example, we got a big stack (like 3 dozen) of small, thin, nice, soft, cotton washcloths -- and I'm telling you, we thanked the person who gave us those every day for two years, because it's shocking how much mess you're cleaning up. And it doesn't let up.
[ED: Check out the Chickens baby in the Photos Thread -- she's got a little washcloth in the bath there. Perfect!]
That's not the most fun of gifts, but there are other possibilites. Even a Baby Bjorn (the baby carriers that hang the baby in front, a la "The Hangover") -- that thing will get used
every day.
What else? Don't get clothes! Easily 2/3rds of the baby clothes we got didn't fit within two months, so I'd say clothes are out, unless there's a tiny Northern Michigan with Snoopy playing hockey onesie that you've got your eye on.
So I'd say go low "wow" factor -- high use and value factor.
Les, no disresepct! I'm sure any beautiful, thoughtful gifts from you would have been greatly loved and appreciated.