I made a photobook for my mom for Christmas a couple of years ago (which she loved) and then one for Aubrey for her birthday this past year featuring all pictures of her from the previous year (this is a tradition I would like to keep up for both the girls each year). Aubrey loves her book and can't get enough of looking at pictures of herself. During my maternity leave, I started thinking about all the pictures and memories filling my computer harddrive and going nowhere and I got mildly obsessed with turning them into photo books. You really can't beat a beautiful hardcover book featuring all your favorite pictures and memories. Also, arranging pictures seems to be highly addictive.
I made one for each year since we've been married ( I still have one more to print because I've been ordering them as I get coupon emails and I originally had a groupon for the one I made Aubrey). If I can ever retrieve my college photos from my college computer (the screen doesn't work but the harddrive is still good, I think) I think I might make a college album.
Anyway, these books are really fun to make, there are a ton of different online photo companies to choose from, you can customize them with your own text and quotes (in Aubrey's book I listed some of her favorite things and also a few of her more stellar quotes) and, speaking as a mother, I think they would make an awesome gift!