I like to make baskets with gourmet breads and candies. I give them out a little before Christmas so that the recipients can use them when entertaining if they don't want to eat all the stuff themselves. I wrap all of the things in the baskets creatively, and makes a good presentation.
Another thing I like to do for people who have everything is to get them lots of small things and put them in different sized boxes stacked up like a Christmas tree. You can put a candle in one, an ornament in another, chocolate in one, etc. I like to put something personal that I know they'll enjoy, like golf balls or the latest kitchen gadget, in at least one or two of the boxes.
My parents also have everything they want and can afford to buy better quality than I can, so I don't try to get them things that they're going to use every day. I just stick to things that they'll enjoy for a while, and then they'll be gone.