For the grad heading off to her next stage of life, it's time for the next stage of photography. If they're ready to graduate from a point-and-shoot to something better and faster, the GF3 makes a great next step, preserving the shooting experience of old faithful and adding many dSLR-like capabilities, but in a welcome compact design.
If the soon-to-be-ex-student you're shopping for is pretty tech-savvy and wants to flex some creative muscles, the GH2 is a great choice. It produces sharp video, gives them a better-than-dSLR video experience, and has a large community surrounding it for hacking it to even greater heights.
It's been around awhile, but there are still few cameras that can beat the S95 for its combination of size and photo quality. When your grad really doesn't care much about the geekier aspects of photography but enjoys the act of photographing and appreciates a nice shot, this camera fills the bill.