In our family, Godparents are people who you see practicing our religion and who you want to help the child learn and live out religion. It is not to be chosen for who can spend the most on them but who will widths parents in teaching and living our religion. We would also help the surviving parent if the other one passed away.
In days gone by, the Godparent would become the parent if both died. Now we has wills for that.
Dh and I were very honored to become Godparents last year. We were there for her Baptism and first birthday. We also see her whenever possible. We buy both religious as well as secular books and toys to help her learn her religion. We will be there, God willing, to see her graduate high school and college, at her wedding and to meet her children, if she has them. We are under no obligation to secure her future but we will as much as we can.