I'm going through the same thing. I had no idea what to get my bridal party. I have tons of time still to think about it (the wedding isn't until May of 2007), but my fiancee and I have opted not to buy gifts, but to pay for their tuxes/dresses instead. And out of our own pocket, not my parents. I think that's the best gift we could give them, considering they're not all made of money, but still want to participate in the wedding. We're even paying to fly a few of them out here from out of state.
On another note, if you're asked to be in a bridal party (as I have many times) you should take the offer as an honor, and not expect gifts should you accept that offer. Yes, you may put your time, effort, and even money into it, but what's better than supporting your friend/family member in their time of need?