if handing out cigars or beef sticks after the birth of your baby isn't exactly your thing, try something clever like magnets featuring an image of your baby and all of his/her birth information. (also available for many other occasions such as save-the-date, graduation, birthday announcements, and wedding favors.)
another clever option are custom m&m's. now you can put your own words and photos on those little round chocolates! there are a multitude of colors to choose from, and while they're quite pricey, they certainly are cute! available in bulk or in several favor-sized options!
*magnet image courtesy of fin+roe
*m&m image snagged from m&m website