You did indeed get me added on FB. My wife and I have been on a couple cruises, but this is our first Disney. The girls have never been on one. We're discussing the FE thing. I had never heard of it before, so my wife and I are trying to figure out exactly what it is/how it works...
With the FE gift exchange you make small gifts - your choice as to do it one per stateroom, one for adults and then something small for each child.. or something small for each person. Really that decision is totally up to you - whatever works for your time frame and budget. Then you pick a time during the cruise to deliver your gifts and drop them in each participating cabins Fish Extender... and you also get gifts from everyone participating in your FE.
On the May (2012) cruise we were on we got things like goodie bags filled with small party favor type gifts for pirate night (fake mustaches, temporary tattoos, cheap beaded trinket kids type necklaces, candy, eye patches), to candy bars from the region of the gifter to small scrapebooks, small bottles of rum, personalized pencils and pens, hair bows, books made with photos and information specific to our cruise.
To me.... It really is a very individually or family personalized thing as to what you can give. No one cares how much or how little you spend or even if it is something you spent hours making. The fun is in participating and the surprises that wait for you nearly every time you go back to your room. My family also had a lot of fun passing out our gifts.
As far as the fish extender itself - there are several threads on the main cruise forum about them - and even threads about what other have made for gifts.
You can make your own fish extender or purchase one. There are some sellers on both ebay and etsy that do a fantastic job.
I posted some photos from things we made from our last cruise on the FB page as a reference to those who have never participated before. The biggest regret I have from our last cruise as far as the entire FE thing - we never expected to be cruising again so soon and when we had our FE made we had it VERY personalized for that specific cruise. So we are going to have another made that will be more general this time. I am NOT good with sewing or really crafts at all - that is why I am going with someone from etsy.
If you have any more questions about it - just ask.. either here, on FB or even on the main cruise forum.
) We also have never cruised before, and I am afraid that trying to plan FE gifts would add to the stress of trying to figure out the whole cruising thing. (doesn't have to be that way, but I know myself). I hope that's okay and doesn't mean we'll be blacklisted from any meet-n-greets. 
