I attended a wedding that did this. The bride also had a cute little poem in the basket that basically said not to steal anything so everyone could use it. I can't remember the exact wording...
The basket contained:
Feminine products
Blotting papers
Lotion (three or four different kinds: scented, unscented, extra-moisture, etc)
Aerosol deodorant and a few travel size deodorants
Sunscreen
Small packets of Blistex (little foil packs with just enough for one or two applications -- these were meant to be used and thrown out, obviously, and not shared)
Breath mints and gum
Tissues
Individual eye drops
Contact solution
Hairspray
Bobby pins
Perfume -- several different types (this bride had Chanel No 5, Dior Poison, Clinique Happy, Buglari, Michael Kors, etc lots of high end stuff and probably the reason for the "no stealing" poem!)
Safety pins
Small sewing kit
Nail files
Clear nail polish (for runs in stockings?)
Shout wipes
Band-aids and antibacterial ointment
There was probably some other stuff-- it was very well stocked but very tastefully done. I didn't see the men's baskets but I would bet they were very similar (minus the feminine stuff and substituting cologne for perfume!)
Hope that helps!