I agree with consumables - you can't have too much playdoh, or stickers. My 2 years old was thrilled with stuff she was given like colouring in books, fancy markers (did you know there is such a thing as glass crayons? You can draw on windows and not get in trouble!), fancy papers (things like black paper you scratch off to show the colours underneath) finger paints, etc.
We are also getting great mileage from felt - making up stories or pictures with pre-cut shapes and animals that you place on a felt board, whiteboard (dry erase) and markers, wooden train set, wooden puzzles, duplo (better than lego at this age).
For kids who get ridiculous amounts of toys, practical items / clothes aren't bad - the kids don't remember / arent aware of who gave them what, so as long as the parents appreciate the gift you get your brownie points. My little one absolutely loves boring items like her gumboots and water bottle, because they are pretty colours and patterns.