When DS was born I knitted him a little striped raglan cardigan in green and blue, and a matching one for my DD in pink and purple.
I will knit sweaters for the kids and the babe, I think. I picked out a nice aran pattern that I can work in all three sizes- which is hard to find since my kids will be 4 1/2 and 8 1/2 when this newborn comes along! I've already scouted out the yarn that I want too, but haven't purchased it.
I will probably give the sweaters to the kids at the holidays. I always make them a present instead of buy them one. I don't think I can get three aran sweaters done, plus something else for christmas presents by the end of February.
I would like to knit some soakers too, and a couple hats and booties. These are good projects for stash and scraps.