I think it depends on how close you are to the gift recipient... If it's for someone special I think personalising something like a watch, cufflinks, or a swiss army knife (my brother in law has a SAK that he treasures for this reason) is nice (or a photobook of their life if you know them really well). If you're not that close I'd probably go with similar items but not necessarily the expensive or personalised versions.
How about a personalised wallet? I bought a monogrammed one from Bond & Knight for a nephew and it's a lovely grown up alternative to the old velcro one he used to have ;)
is he into music at all? if so, then the latest Dr Dre or BEATS headphones?
or if he's the more adventurous sort an experience such as Skydiving or Racing?