Every travel magazine and webzine runs some kind of "gifts for travelers" feature this time of year, most of them focused on whiz-bang goodies that require a serious chunk of change. This travel gifts guide from MSNBC is a pretty good one though. It focuses on what kind of activity your recipient will do (road trips, cruises, etc.) and goes from there. And there are lots of items that won't break the bank.
I especially like that they included a cool little Maverick tube alarm clock that also doubles as a flashlight. It does two jobs and it doesn't take up much space, plus it retails for under $25. You can put that on my Christmas list and I'll be a happy camper. Or backpacker. Or even maybe a cruiser...someday.