You could go down the traditional route, but I've got lots of silver rattles, baby cutlery and china, but what do you do with it when you're older?
My godfather bougt me premium bonds as a christening present, and over the years I've had some nice amounts of prizes, which at certain times of my life have really come in useful.
National Savings & Investments - Premium Bonds
Only an idea, as I'm sure whatever you decide on will be given with love.