We got our son a rocking horse- and he loves it. It is huge so we have to lift him on to it, but he will be able to use it for ages- my 7 y old nephew fits on it. We bought it from e bay for a good price, and I think it is something that can be handed down to his children if he wants to.

His grandfather bought him a flip out sofa with a sleeping bag and I agree that these are great, my son uses his every day.