1. Bink Link Pacifier Attacher: Candy (these come in 'boy' themes as well but I can't think of anything Ava got more compliments on as a baby than this wooden candy necklace paci holder)
Etsy. True, maybe more for the mommy but I treasure my charm bracelet from Etsy and can't wait to add Lilly's name and birthstone charm. Search 'stamped hand jewelry' on Etsy and you should get some good options. Of course you can always give stamped baby jewelry as well. I think the low cost of these pieces is the most impressive part and the materials make them perfect family heirlooms.
3. Baby Beaded Bracelet - I had a beaded name bracelet when I was little that I still have so maybe that is my fascination but I also just like that they are simple and stretchy and inexpensive. You can make them, but the one above is $4.95 here on Etsy.
4. Monthly Onesies - The idea being you take a photo of your child with a different number every month for 1 year. You can buy these already made up or save lots of money and sizing headaches by giving a set of iron-on 'stickers' from Etsy - like the ones above. The stickers start at about $10 and there are tons of options from different sellers on Etsy. My concern with getting or giving 12 complete pre-made ones would be that babies are all over the place in size and onesies run so small that I would hate for the baby to get half way through and then for the onesies to be too small.
5. Infant Gowns - Babies can wear them in the same size for many months and they are so convenient and comfy. Plus, they are super hard to find! The one above is from Children's Place.
6. Hand stamped baby spoon - What is sweeter really? These start at about $10 on Etsy - one above is here.
7. Embroidered baby blanket - simply find a blanket you think is adorable and have it embroidered (usually about $7) with the baby's name. True, you do get lots of blankets but you don't get tired of anything with your new baby's name on it! These chenille ones on Etsy are a good deal.