I do a PhotoStory DVD every year for our teachers. Below is the one we made for my preschool child's teachers this year. I usually insert a lot about the teacher and some quotes but I felt this was more appropriate for a preschooler. This is a fabulous sentimental project that has little cost with a HUGE impact (in other words it makes them cry, it means a lot and you still have money left over to buy them a Starbucks gift card;). You can click here to read more about PhotoStory and how to download it.
NOTE: You could instead have the children say wonderful things or their favorite memories or activities with family members and it makes a FABULOUS Mother's Day, Father's Day or more importantly Grandparent's gift. They LOVE it:)