core77 has done a post on 77 great design gifts for under $77. some of them are great (but are also quite expensive). for example, the nintendo wall graphics (below), available on amazon by thinkgeek look really cool. apparantly they are easily movable and wont ruin the paint below, and would definitely brighten up any room, but unfortunately if you want a set it will cost you $69.99.
there are some cheaper options, and in general they are all great products. one thing that caught my eye was something i saw during the summer while i was helping out at f1 studio in london, but had no idea where they were from. and now i do! the windrider bicycle clips by gijs bakker (below) are both functional and fun. made of reflective pvc, they keep you visible on your bike and also keep your trouser leg from getting caught in the chain, and are shaped like the sandals of greek god hermes. they cost only $15 from the moma store.
other things that stood out to me were the 'anything' scissors, by michael sodeau for twentytwentyone, and the 'keep calm and carry on' red tote bag (both below).
link to core 77 gift list
link to amazon for nintendo graphics
link to the moma store