Well, certainly not a room full of kids but here are some practical ideas:
Gift certificates at a restaurant, grocery store, gas station
A collection of birthday, get well, sympathy cards and stamps
( It can be hard to stand and search for cards and now there are so many sections that older people may have a hard time with this)
A certificate for yard service, cleaning service, handyman service (make sure they would be comfortable with someone around their house)
Basket of goodies that include cans of tuna, chicken, soups, chili, coffee, tea bags, crackers, fruits
Your time - offer to take them to the store, to church, to see the Christmas lights, to doctor appointments, to visit family
Offer to help clean, wash clothes, rewrite address book to more readable print
Here is a great item that I think most seniors would love:
A lotion applicator to help get creams and lotions on their back. It is a long wand with a pad where you put the lotion and it reaches down the back. $19.95 plus $6.95 shipping and handling at skinfinityproducts.com
(Older people usually need lotions for dry skin or itchy skin)