If your friend has all the stuff she needs for the baby, then go ahead and do something that is for her alone. As previous posts have said, all the presents tend to be oriented towards the baby.
One thing that would be a good idea is to give her a "gift certificate" for time when you'll take care of the baby so she can rest.
I always get a present just for the mommy. Everyone buys baby gifts from clothes to toys to blankets etc. I like to buy something special just for the mom. It might be a robe or slippers for the hospital or a special treat that they like (chocolate or whatever their favorite snack is) Best wishes to your friend and her new little one!
A customized shirt is always a great gift to give after the baby is born. You can either make it yourself or have it customized with the baby's full name, the date, how much the baby weighed, and how tall the baby was. Then you can leave space for your friend to put the baby's hand print(s) and/ or foot print(s).
A picture frame is also a great gift.
If you're thinking of something maybe a little different, how about a bath set for the new mommy. Relaxing bubble bath, a calming cd to listen too, that sort of stuff. She's going to be under a lot of stress in the first couple of weeks and having some time set aside for her to relax is always a great gift.
If you're thinking of a gift for the new baby, how about a stuffed animal. I would suggest a black and white stuffed animal since babies only see black and white at first.
I hope these were helpful suggestions.