iPad 2: I can speak for myself, and I'm sure many other college students-- When I graduate, I'll have had my laptop for 4 years and I can assure you that already my laptop is extremely outdated. An iPad or a Macbook Pro would be the ultimate graduation gift for either gender!
A Nikon camera that takes excellent pictures is next up on the college grad list. This is because now that they have entered the "real world", they won' t be attending very many parties where they may break, lose, etc. the camera. This is the perfect upgrade from their regular point and shoot camera so they can start documenting their post-grad life! Again, this camera is perfect for both guys and gals!
If you know that your grad will be doing a lot of traveling whether it be for their new job, or for fun, a GPS is a great gift. I personally love my Garmin-- I set her to have an Australian accent and my whole family calls her "Sheila". I am not good with directions so I heavily relay on my Garmin to get me around Pittsburgh and all of my other travels.
For a girl, a piece of jewelry that she will have forever is probably my top pick. I know my parents have gotten me a piece of jewelry for every significant birthday or event in my life and I can remember each event with each piece of jewelry-- it makes that piece of jewelry even more special. Of course you could go with the classic David Yurman, however, getting something from your hometown jeweler will make it more special and personal!
For any guy (and girl!) entering the workplace, they need a good watch. You can get a nice watch that ranges anywhere from around $100 all the way up into the thousands. For a good quality but inexpensive watch, try Invicta. I have one and I love it!
These are atop my list! What are you getting for your college grad this year? Have a fabulous day!