as a newly married, i can tell you what gets used and what goes straight into the closet!
we use: silver mezuzah holder, silver napkin holder, and i have some vases and serving bowls displayed nicely in the breakfront
in the closet and we never use: large serving trays (we’re not having that many guests yet), extra challah covers & shabbas tablecloths (we got a ton so we just use one, and the rest are away)
the nicest gift we got was a silver picture frame. even while we hadn’t really gone through our wedding proofs yet, i picked one nice picture to put in this frame. i’m sure you can buy a bunch of these for not so much $. the person also got it engraved with our initials, which was a nice personal touch.