I'm expecting my 4th baby after a 7 yr gap, so all the baby gear is long gone. By this time, I've decided what is really useful to me and what is not.
We'll be buying cotton onesies and gown, a carseat ( hate the new designs - want my old convertable seat back!) cloth prefold diapers, nylon covers and pins, a sling. I also found rubber sheets to be very handy how ever old your kids are. That's about it. Oh, and one of those baby seats that hangs on the edge of a table, like they have in some restaurants. A backpack for a diaper bag. A siderail for your bed, to be moved to baby's bed when he's older.
Other handy things - blankets, a vaporizer, sippy cups, bibs, socks or booties. I made a couple fleece hooded ponchos that were great for cold weather for the baby - better than wrestling with a snowsuit. I do have a playpen that I use just as a safe place to put baby. Sometimes, I might need to run outside to catch hogs that got loose or some other emergency, and a playpen is a good safe place to set baby down for a few moments while I tend to some crisis.
Useless items for me were portacribs, cribs, bassinets,pacifiers, bottles, fussy baby clothes, anything electronic, and lots of toys.
Probably more information that you needed! LOL. For gifts, I want meals brought after the baby. That's so wonderful!