For us, the new members make a paddle for their big sister, and the big sisters usually give them a hoodie or some type of clothing with letters on it. The pledge class also buys/makes their pledge mom and the chapter gifts (the present for the new member director usually fits her hobbies and personality, while the chapter present is more of a useful gift for our room).
I still have the two paddles I got from my littles, and I can't wait to move them into my new home in August!