A few gifts I've gotten that I still use to this day are:
1) Nice engraved pocket business card holder
2) Nice engraved desktop business card holder
3) Engraved money clip
4) Nice italian leather wallet
The watch and multi-tool ideas sound good to me. I think you have to put some thought into what you think each of the groomsmen would really appreciate and go that route. Otherwise the same generic but nice gift for each of the groomsmen works well.
