depends how much you want to spend.. if you 're wanting to spend around �100 you could always get an ipod nano off the apple store site & you can get it engraved free when you buy it, theres a limited edition red nano available on there too. Though it does depend how much youre willing to spend as this may be a bit too much!
are cuff links too old fashioned? I got a pair for my cousin last year, they were really plain lozenge shaped silver and I had a small message engraved on them.
If he is into board games, you could buy him a new game set eg backgammon board, chess set etc and then add a little engraved plaque onto the 'casing' of the game. I did this once and it looked really good but didn't cost too much.