Personally I found that we didn't really need all of the things that we would. I think it is a great idea to ask people to pool money towards the bigger items that you will definitely need - a cot (unless you know you will co-sleep), a pram, a car seat and definitely a sling. Some clothes to get you by in the beginning, baby wraps, bedding for the cot, nappies, wipes, bath wash, nappy cream, a change table if you don't have anything the right height already. And definitely a gift subscription to the ABA which means you'll also get the fantastic book Breastfeeding...Naturally - this is one of the most practicial gifts I got. Most other things I would wait and see how you go, and get them later.

One thing that is incredibly helpful in the early days is help. If I could go back in time, I'd ask people to provide a meal for after the baby is born, or to come around and help out for an hour or so, rather than buy a present up front. Probably more so with number 2, but it is still really helpful with your first as well.