According to this report, Obama gave Queen Elizabeth II an iPod containing video of her last U.S. visit. Reportedly, she already has an ipod. I guess Walmart was out of DVD's.
Obama Gives Queen Elizabeth II an iPod
During a private meeting today with Queen Elizabeth II and her husband Prince Philip at Buckingham Palace, President Obama and First Lady Michelle Obama exchanged gifts. According to the BBC, Obama gave the Queen an iPod, containing footage of her state visit to the United States in May 2007. In return, the Queen gave the president a silver-framed photograph of herself and her husband. It's the official picture she gives all visiting dignitaries.