I like the idea of a baby book - I wish I read Dr. Sears before I had my babe - I'm familiar now with the series but it would have been sooo much better reading those before I gave birth. (You know, besides What to Expect...)
Another idea, if she's amenable of course, is perhaps paying her admission to a Lamaze or some other birth course, and/or a breastfeeding class. I did both and found that really helpful. And on the topic of breastfeeding, I found the latest "Womanly Art of Breastfeeding" super helpful - there's a cool section that helps problem shoot. Still reference it.
Big tickets: Car seat. If she's car-less - or not, whatever - a stroller so that she has a place to carry stuff along with her babe. I found I always felt better when I had everything I needed even though I rarely *needed* everything, (now it's just my babe, my sling, and my bag). Toddler seat that rocks (Fisher Price makes one) - it's a cool seat that'll fit a newborn strapped in and grow with the babe. Wish I had one now! :)
If she's using disposables, she can never have too many diapers (although she can have too many newborn diapers!) And wipes. And nipple shields...a gift basket with super practical stuff me actually be the best gift!