I think freedom and being outdoors (a bit like enid blyton :-) goes a long way to making childhood memorable. I had a lot of freedom as a child (lots of it by default as I'd say I was playing out front but would then head off for adventures, walking for miles with friends, and my elder sisters would help me adjust my watch so I could pretend (lie!) and say it had stopped working etc...). My mum would have had a fit if she knew how far I wondered aged 7 and of the places we went (woods, the local river, accross the dual carraigeway to sneak through a fence into private woodland... (risks everywhere!)
I have great memories of all the dens and tarzan swings we built (in places were weren't allowed to be!) Of all the games we played with kids of all ages (3 up to 17) in our local area (long summer nights while we all played 'two man hunt' etc) and going to our local youth club disco nights every saturday (where my sister used to DJ and I felt super cool :-D
I didn't do the home baking thing with myfolks (but I do it with DS1 and will do with DS2 when he's older) but I agree that parent time is very important, I used to spend every saturday with my dad (walking with him to the shop, playing in park, having cake together after he went to the bookies), we played cards together as a family every sunday and we always had dogs and cats to play with. I had 4 siblings, so a big family, very little money, but I had such fun.
I have incredibly (pink-tinted?) lovely memories of my childhood. I'd love my kids to have the same kind of exploring childhood I did, but not sure you can manage that in todays society (everyone seems to ferry their kids about all the time and there is so much fear).
I do intend doing stuff with them that I never had though (lots of family holidays and weekends away etc, day trips to the beach (really close to where we live so we're very lucky). I want them to remember all the fun stuff we do so their memories of childhood are as good s mine.
DS1 has a photo album and whenever we get pics printed out of family meals or days at park etc, he looks through them and picks ones he wants for his album, and he like to get it out and talk through it all with us - reliving it all, and as said, fun doesn't have to be expensive, flying a kite in the park, playing hide and seek in the house, turning tables and sheets into dens and pirate ships and police cars, picnics in the garden, none of it pricey, all of it fun.