Giving a personalized baby blanket as a gift for a new baby makes for a great gift. Whether it's a relative or a close friend, a baby blanket that is personalized is a unique and very beneficial gift idea.
Keep in mind that baby blankets get some abuse and have to be washed pretty often. Be sure that you get a good quality blanket and a good embroidery job. The last thing you want is for the blanket to fall apart after a couple of washings.
You can also get creative with this and create a truly unique personalized baby blanket with their name, birth date, birthplace, etc. on the blanket. While these blankets are not overly expensive, you can expect to pay anywhere from $40-$75 for one. It all depends on the quality of material, and the size.