Since I know you're all just dying to know what happened...
The party was lovely, if not my kind of thing. If anybody showed up with traditional gifts, the parents tactfully put them out of sight. We just read our blessings and wishes, and the parents thanked everybody for the various qualities we shared with the baby. A bit touchy-feely for my taste, but quite nice. If it hadn't been for the coffee can marked "[Baby's] College Fund," it would have been almost perfect.
As for the gift: I baked some cinnamon bread and gave it to them. The baby wouldn't get any, of course, but the parents and older brother did. They seemed happy with it.
Willow, your splinters blessing had me giggling for a good ten minutes. I'll save it in case they have a third child.