We usually go out to dinner (kids' choice) at report card time and end-of-the-year to celebrate good grades/passing a grade, but we don't make a big-big deal out of them accomplishing what's expected of them. Their dad sometimes brings them grocery-store flowers, which makes them feel very grown up.
If you feel that you should do something more to celebrate, the high school sweatshirt is a good idea -- it's not over-blown, and it's something you'd buy next year anyway.
The laptop is not a great idea. High school kids need access to a computer for homework occasionally -- mainly word processing and printing -- but they don't require it so often that they need a laptop of their own. We have two family computers and one printer (for two adults and two teens, both in honors classes), and we don't have problems sharing. Unlimited access to a computer is more likely to encourage excessive gaming or Facebooking than additional time spent on homework. IF your student takes an online course (which doesn't happen 'til senior year here), a computer of his own might be in order, but before that it's a luxury and a time-suck. I teach high school, so I know what I'm talking about!
Your student WILL need a laptop for college, but it's better to go away with a new, up-to-date computer at that time -- not four-year-old technology. So if you're buying a laptop NOW for an 8th grader, you should absolutely plan to replace it when he starts college; only you and your budget know whether that sounds like a little splurge or a huge sacrafice.
Something a new high schooler will need is a graphing calculator. The TI-84 Silver Edition Plus (I sound like a commercial) is the big boy on the block and will see your student through high school and college courses, meaning that although you'll pay a big price, you won't have to replace it in a couple years.
DD did power point presentations in 7th grade…. She also uses it for her reports that she has to e-mail to her teachers and organizes all her pictures and music on her laptop. If you don’t want them on facebook then limit their internet use. I use Cisco connect and restrict wireless for her since she could either go on her laptop or IPod touch and do face time. If I didn’t she would be on till midnight and would never sleep, that just the way kids are her age. You can also restrict texting the same way.
Plus NO sharing on my computer, I spent too much money and time to build it to have something happen to it.