Well, Catholics can be baptized at older ages, too, but only if for some reason it wasn't done when they were infants, or if they have newly converted to Catholicism. People give them gifts, too, but usually only symbolic things. For a lot of catholics the gift of money at infant baptism is more just a baby gift, to be put away for the child's future. I'm very much Irish Catholic, and where I live, and where my family lives, such gifts do usually come, but not at the Baptism party, which is really a religious occasion. (Catholics have a different ceremony for becoming a full-fledged member of the Church. It's called Confirmation, and most people do that at about age 14. There is a progression of 4 ceremonies from Baptism to Confirmation that normally come over several years for children, but adult converts do them all at the same time -- it's a much bigger deal for them.)
If you come from a tradition such as Southern Baptist, etc., where your only item of religious paraphenalia is a Bible, it seems odd, I know, but Catholics use a lot of other items as symbols and reminders of faith. We have Rosary beads, religious medals and wall plaques with images of Jesus or the saints, crosses and crucifixes (both as jewelry and as home decor items), religious books in addition to the Bible, small statues ... the list goes on forever, and I don't know a single person who ever bought one of them for him or her self. You always get them as gifts on religous occasions, so that the special meaning is twofold. I gave an adult convert friend of mine a book once as a baptism gift; a collection called the Poems of Karol Wojtyla (the author was of course better known as Pope John Paul II). She liked poetry, so she really appreciated the book.
Really elaborate infant baptism parties are rare here in my part of the midwest, as they are also in the very Catholic part of the South where I grew up. Something akin to a backyard barbecue would be much more the norm, with mostly family and very close friends invited. You might do lunch out, especially if it is winter, but usually it's not a private room or anything. I'm planning my daughter's Baptism right now; there will be about 8 family members going to brunch afterward at a local hotel. My parish does infant Baptisms on the third Sunday of every month just after Mass. It's not private, so getting really elaborate with big guest lists and overshadowing the other families who are there that day would be kind of crass.
I still have the baptism gift my godmother gave me; a sterling silver baby cup with my name engraved on it. My parents gave me a silver crucifix on the occasion, and I have that, too. I got a gold cross and a silver bracelet for my confirmation; I also have those, and will pass them to my daughter eventually. The wall crucifix in my home is from my mother's funeral service; by tradition the small one used in the service is given to a family member. The savings bonds I received at birth are long gone on my college tuition.
Again Only someone from NY will appreciate the magnitude of Russo's!
At the christening I spoke of, the BABY and his godparents came up from the floor!!! Nothing like a low key party at Russo's!!! 
