We were Godparents a month ago - we bought our niece a tiny gold bangle and had 'There for you always' engraved on the inside.
We also gave her (which I make for all of the children in our family) a bottle of red wine from the year that she was born (in our case 2007).
I always buy a bottle that will cellar well, I take the label off it and do one myself that has a picture of her and the label has written on it;
" ESPECIALLY SELECTED TO
CELEBRATE THE BIRTH OF
***** *****
Daughter of *** and *** ****"
I also put the DOB along the bottom.
I do the same with a label on the back, but it has the name & vintage of the wine, and a small message from us (like what you would write in a card) - and then a quote (something about babies & children) along the bottom.
I then put it in a box full of straw, cover it in tissue paper, etc.
All of the kids in our family get one when they either get Christened or have their naming day.... we all had them and when our parents did our speeches at our 21st, we opened the bottles.
If you're interested in one, let me know, I can help you out doing one (people have got me to make them for all kinds of occasions now!)
They're personal and easy to do - and really only cost you whatever you want to spend on the bottle of wine (I find anything from $30 bottle up will cellar well.. but of course talk to the people selling you the wine ;))
:)