Our tradition is to just exchange cards. I do give him one small gift. Every year it is the same thing. Along with his card he gets a copy of the Sports Illustrated Swimsuit Edition. It usually comes out just before valentines day. This year, because valentintes day is on a Tuesday, it actually comes out ON valentines day. Just means I'll have to make a trip to the bookstore to pick it up on valentines day.
We never go out to dinner on valentines day because it's always too crowded, too expensive, limited menus and just not very romantic in my opinion.
I've never done anything for my daughter before. Like Cary said, she will be happy with just some M&Ms. (She calls them "M's".)