Even though it's a GC, how about a GC to a place like Shutterfly so she can make a photo book or print pics? Or to a photo studio?
Does the baby have a baby book or a sling? I loved my Hotsling.
I always heard really good things about the "Sophie" giraffe chewy toy, but never wanted to spend so much. But that could be a fun splurge for a friend who already has everything. A new Boppy could also be nice if hers has already been through 2 kids.
I always do a local photo studio and a nice "It's a boy/girl" frame. Sophie is a great idea, as is a carrier. With other LO's it would be nice to have baby close and still be hands-free. DD#1 loved the hotsling- she was in it 14 months- but my twons hated it until I could do hip carry. The ergo is nice and always feels secure.
I'm a dork and the onlly thing I really could have used that I didn't get when the twins were born was a bunch of storage bins- lol. But I don't imagine that would be a fun gift to give!