Gift cards
Diapers
Wipes
Formula
Bottles- small and large
Babysitting & Housekeeping!
For clothing, onsies and tee-shirts are terrific. Recieving blankets are the best, and cloth diapers make EXCELLENT burp rags- plus they are cheaper the the "true" burp rags, and they can be used later on as rags for all sorts of things!
Also, look into those mitts for their hands! Nathan was born with talons, and his nails still grow amazingly fast. Even when trimmed, they're sharp, so he's mitted all the time. If we don't use the mitts, he ends up scratching his face badly. My mother says my brother was the same way (he apparently has a small scar from it).
The bassinet is wonderful, but Nathan's already almost outgrown his (of course, he's larger then normal). The playpen will be a gift from heaven soon enough- it's just a portable Evenflo affair.
I know we were shocked by the prices of crib sheets & mattress pads... but the formula was the worst! And then we discovered how many diapers and wipes he goes through...
When the baby first comes home, it's pretty hectic... anything to make it easier... like storage for baby the stuff (preferably easily moved), or just a helping hand for an hour or two.
I'm lucky- DH stays up so I can grab a shower, wash bottles, and get breakfast. Apparently, not every new mom (or new parent...) has such a helpful partner. Still, there were (and sometimes still are) times when I'd love to have someone to help watch/feed/change Nathan so I can get things done, or just have a breather and relax, or have some me/fun time.
And from what I understand, "adult" conversation will be craved... I know I've called my mom a heck of alot more then I used to.