I have to agree with the cash/$$ route. I have a 2yo boy and one on the way. I have all of the "stuff" you could ever need and then some.
What I appreciate more than anything at this point are things like savings bonds and gift cards for college or stuff I'm going to need in the coming months. Cute baskets, toys, burp cloths, etc....are nice thoughts, but I have sooooo many of those that they just sit in a pile, unused, if they're pretty. (and eventually they make it to the trash when I'm tired of storing them.)
If you want to give a physical gift, give diapers, wipes, baby wash, that kind of thing. She's going to go through diapers like crazy, so that's always a winner!
I'm a practical person, rather than sentimental, so I guess it depends on what type of person she is. But just my thoughts...