First, congrautlations on the new baby!
We went to kodakgallery.com and made a photo book all about him (we titled it The ABC's of Daddy because we're working on the alphabet with our son. In it, I typed a short note saying what he means to us and the motivation behind the book, with things my 3 year old said as I interviewed him over the period of serveral days (a question here and there), typed exactly as he says it, so it's more from a child's point of view about his dad. Then each page has A is for __ and pictures with him in it that go with the words we came up with for each letter. The shipping was pretty fast, and it came back looking awesome! We also made a stepping stone with my 6 month old's footprint and my 3 year old's footprint, staggered, which the 3 year old decorated in little mosaic stones and marbles (because my husband IS a gardener!).
Something we do every year for mother's day since my oldest was 1, that could be an idea for you is an annual work of art. We go to Michael's and get a canvas that's about the size of an 8x10. I paint the canvas a background color (his fave color the first time was yellow, last year we did green because that's what he said, and this year he's all about purple). After the background color dries, I'll give him some paints and let him paint a masterpiece for me (but I supervise and help him rinse the brushes). Then you can spray a sealant over it to help preserve it. It's neat to see the different colors, styles, and ability levels as he grows. And since a few moms had to whine about not getting something on Mother's Day, I have to say doing something like this is a fun project to do as a mom, with your children, that takes a 2-3 days (short little bursts of time each day so little ones don't lose interest), and you'll always have a gift because it's in your own hands. You don't have to feel "mom guilt" for doing so because it costs less than $10 if you've already got paints and brushes for other projects throughout the year.
We will make our own father's day card this week.
Those are the GIFTS. What we are DOING for Father's Day: We're going to the early service at church (as always), and then coming home for a snack, opening his gifts, and then a nap (what he always wants but rarely gets). My 3 year old wants to get ready for a "party" but a party at his age means balloons and cake. So while my husband naps, we'll set up balloons and get ready for a BBQ, with festive table cloths, napkins, serving trays, etc (like we would for any summer party). I'm making his favorite treat: apple cheesecake, and we're having a BBQ and I'll have most of my part done the day before: our special BBQ sauce, baked beans, potato salad, spinach-artichoke dip and sliced baguettes, adult drinks in the fridge. His friend/coworker and his family (kids are the same age as ours!) are coming over and will bring kid drinks and a vegetable dish. We're going to go swimming and play awhile, then the men can BBQ the chicken and then we'll have a fun feast.