From talking with a lot of women, I see a pattern for first babies weighing an approximate average of the parents' birth weights. This is, of course, barring things like twins, GD, prematurity, or other complication. Second babies tend to be larger- I wonder if this has to do with mom having less time to take care of herself they way she did with the first (exercise, awesome diet, etc.). I also wonder if this has to do with stretched out muscles giving the baby more room to grow. Boys also tend to be a bit larger. Gestation timing seems to really affect birth weight. Babies that are carried longer tend to weigh more. Since babies tend to gain about a pound a week toward the end, this makes sense to me. My first was born at 38w6d and was 7lb1oz (an average of dh and my birth weights) while my second was born at 39w5d and was 8lb2oz.
As for gestation, I think that has to do with the mother's body- what's going on in her life, her genetics, diet, etc. All things being similar between pregnancies it seems like women tend to gestate similarly from pregnancy to pregnancy. Some women cook babies longer, others shorter with the majority of us being somewhere in the middle.
Of course there are always exceptions to all this!