Inchies made into a magnet, a pin, or a bookmark charm at the end of a ribbon.
Print a 12 month 2011 calendar onto fabric and stitch it to a small wall quilt.
Make a gift card case and then include a gift card.
Make an IOU for help with some quilting chore they may need in the future...basting a top, sorting their stash, organizing their studio, all that stuff is easier and more fun with a friend.
Things that show a lot of thought, but don't cost a lot of money, are always special imho.