In her comments, the Duchesse of gifts suggested many thoughtful presents for the graduate. My favorite--in fact, I would be happy to receive it myself--is an etching. I guess one should distinguish between grads setting up house or going to graduate or professional school and those who are planning life on the road for a while.
Frugal Son will be (fingers crossed) teaching English in France next year. After that, he wants to teach English in Asia. He won't be setting up much of a household any time soon. In fact, he has everything he needs for his journey, with the exception of a plane ticket. So that's what he will be getting.
For a graduate soon to be on the road I recommend a gift I've written about before. In fact, I've already bought these for my children. We bought these before the scary charges for checked baggage; now a bag you need not check is worth even more: Rick Steves bag.