Our DGD will be three next week. DS and DiL live in a very small flat and are very environment-conscious. They have, quite sensibly, said that they want no new toys or clothes for the little one and have opened a bank account for her.
I may get her a small book or something which can be used up (bubble bath - but only in a recyclable container!), but we shall gladly put some money into the bank for her.
Both my DiL's have cousins with babies a little older than theirs, so we never had to even consider prams or larger items when they were born.
So, in answer to the OP - seen from all angles, I would say that money is the best present. If it is explicitly needed for a cot or a pram, you can specify that when you give it to them, but I would never want to dictate to the new parents what kind of a cot or pram to buy. I wouldn't have liked it if my mother had done the same to me!