I just asked my sister this same question, as my niece is about to graduate, (Full four year scholarship!... So proud of her.) Good to hear other ideas.
My thoughts were things that will keep her up with popular culture... everyday things that are expensive for a student's budget and will keep her up to date with her peers, i.e., Gift Certificates for music stores (CD's, sheet music, strings, reeds, etc.), bookstores and movie theaters (Spiderman3... $11!!!... sheesh...).
Also I have offered her, when she moves out of Student Housing and gets a place of her own, any of my quality kitchenware that I don't need. I have enough for 3 households. She can come over and have a shopping spree in my kitchen cupboards and get set up for herself.
Onan