For the graduate, I think the most played out gift ever is a pen with the graduate's name engraved on it. Don't get me wrong, I received a few of those myself, and I loved every single one of them. But really now. I know who I am. I don't need five million pens to remind me. Secondly, do people use pens anymore? I use a pen about once a month to sign my rent check. And there's another one - checks. Who uses those anymore?

So instead of filling our graduate's drawer with very expensive writing utensils, let's get our graduate's kitchen ready for his or her new real-world apartment. No more ramen made over a Bunsen burner!

1. Knives - A set of very good knives is essential. Sharp, sturdy knives are essential for safety, and it is my personal belief that if you have nothing, nothing else, in the kitchen, the very least thing you should have is a good knife. If it's only going to be one, an 8" chef's knife is the best bet, otherwise, spring for the whole set. Your graduate worked hard. She deserves it.
2. Cutting Board - Please don't let your graduate ruin his beautiful new knives by cutting things directly on the countertop! I like these flexible cutting boards that are color coordinated for type of food to eliminate the possibility of cross-contamination.
3. Coffee Maker - Hey, instant coffee made with hot water out of the community cooler at the end of the dorm hall is okay when you're cramming for finals. It's not okay when your graduate is entertaining her adult friends in her apartment. A decent coffee maker is nice. A full-on espresso machine is even nicer.
4. Rice Cooker - I know. It seems very narrowly focused on an Asian graduate, but not really. Everyone is eating more grains these days, and a rice cooker, especially something as nice as Zojirushi, can steam and cook everything from dried beans to barley.
5. Pots - As always, an entire set is nice to have, but let me tell you, if your graduate isn't quite a budding Graham Kerr, then he can get by with one all-purpose pot. Just make sure to remind him that he can do a lot more than cook ramen in it. 
6. Pans - The same thing applies to pans as it does to pots. A 10" non-stick skillet is all-purpose,and if you have reservations about non-stick surfaces, well, then, go with a regular pan, but supply him with cooking spray.
7. Toaster Oven - Because if he lives alone, firing up the giant oven might be a little wasteful, and we highly recommend that he not cook pizzas in the microwave oven. You can shop around and find one that matches his place and your budget.
8. Cookbook - There are a bazillion cookbooks out there, and it might be nice to get her something within her "style" of cooking and eating. However, the best cookbook I ever received from my parents was the Joy of Cooking, which has been with me for years and still serves as an excellent reference.