Congratulations! My niece is due in late April and she's having a boy. It would have been my mom's first great-grandchild, but she passed away in March '08.
I agree that something light (like a pink or pink/white) to frame it. Your mom did great! I'm sure it'll be a cherished piece for decades to come. My great grandmother crocheted a granny square afghan for me when I was born and I still have it in my cedar chest today.
Don't forget to update us when you decide on what to do :)