At one, I'd say nothing is a pretty good gift. If they were you're own kid, a share a Disney could be a novel gift for the baby. If they were older, some experience like "Laser Tag At Splash Mountain with Uncle Nat" would be a fun experience to get the kid. But at one? Unless you luck out and get the one toy they'll carry fond memories of for the next few years, I'd think it is not very useful.
As a parent, I didn't like people getting my kid toys. Not because they won't nice toys and not because they won't appreciated but because of the math. Remember, one kid usually equals: four grandparents, two parents, the godparents, and other friends (like you). Between Christmas and birthday, some overly eager people can really bloat my house.