I graduated from college in May. My parents went overboard; personally I think their gift of education with no debt was more than gift enough, but they apparently wanted to do something extra. I will preface this by saying that I went to school about 45 minutes from home, so there were virtually no travel expenses for my parents, just two trips to campus for honors convocation and for commencement.
My mom and stepdad own DVC, so they sent me to Disney. They used Disney Visa reward points to pay for most of the park ticket, so total cost to them was about $300 (plane and remainder of park ticket). I was there for a week, and covered my spending money.
My dad took the whole family (my sister, stepdad, mom, aunt, uncle, cousin, grandparents and me) out to dinner after graduation. He took us to a nice place, and because he's there so frequently (he goes once or twice a week for salad and wine) and is friendly with the management, they put us in a private room at no cost, did up an incredible cake (at minimal cost), and treated us to appetizers and champagne. Honestly, I think that dinner was my favorite gift. It was nice to have those couple hours to celebrate with those that had supported me the most. My grandparents had treated the whole crew to dinner closer to school the night before, following honors convocation.
Dad also got me a new TV and TV stand for my apartment (I'm in grad school now). He has admitted he "didn't know what to get" and that this one was for his benefit as he didn't want to haul my old tube style tv that weighed about 30 pounds up 3 flights of stairs again

Evidently he'd thought about upgrading my laptop, or replacing my car, but my laptop that I got for high school graduation still works fine, and my sister's at an out of state school, so the car was a bit out of the budget.
Some other ideas based on things my friends got: luggage, a starter professional wardrobe (essentially some basics), their first student loan payment, new computer if going on to grad school, a couple pieces of Ikea furniture for a new apartment.