I am making quilts as main presents, but I also have a stash of novelt pot holders (owls, cupcakes, etc.) and a four-sided placemat for each of the grandkids (each of the four sides is fabric they picked out of my stash - "Which four of these fabrics do you reallyreallyreally like?" - during their last visit earlier this summer.
What's nice about the four-sided placemat is that it can be made round also - and it works very well as a table centerpiece or (if made longer) a four-sided table runner.