Awhile back, Paula Kay Bourland had a project for us that included a clipboard and 8" x 8" pages, one for each month of the year. I later recreated the project but without the clipboard and with an 8" x 8" album as a gift for a friend who was expecting...
Each page has a seasonal theme, and room to insert a 4" x 6" photo. Therefore, all the parents have to do is choose a snapshot taken in that month, tape it in, and when the year is up, they have a book of "Baby's first year"... month by month. Here are some examples of the pages:




I hope this inspires you to make some very unique and creative gifts. Remember, that you can adapt this idea for weddings, pregnancies, school years, etc.