Our PTO focuses on one big funding project per year. This year it is the playground. Last school year was a new computer lab -- it is totally amazing and my kids love it. Our school raises $20 - $30 K a year, so the project is BIG.
Our president has some major control issues and I avoid her. I volunteer less than I would if I got along with her. She and her click all have major martyr complexes and I'm just so over that. So I drop things off but don't go to the meetings!
Fund raisers tend to be things that are fun for everyone -- such as our fall festival. It's a carnival type thing with tickets, cake walk, snack bar, games of all types, and a silent auction for baskets.
We also do things like a pizza night -- you order pizza from a local place at the regular price (no coupons) and a % goes to the school. Another simple fund raiser is a parents night out that the PTO runs (and charges for) and parents can drop off their children (I think they do this once a month, it's not my kind of thing). The organize a crop day most every month for scrap booking. It's also a fund raiser, but cool for people into that because they bring all their cool scrap booking toys and everyone can use them.
The PTO also runs the book fair, field day, etc.
They do things for the teachers on their birthdays and organize a "teacher appreciation week" with small gifts for each teacher and parents bring in really nice lunches for the staff.