I gave the preemie stuff to NNICU. I intend to keep a few her good outfits for the next one (but knowing my luck it'll be a boy!) I'm also holding on to certain things, like the stuff that grandma knitted. I have a bunch of those vacuum bags and they will go in the loft.
I've just given away a bag of vests and sleepsuits to a colleague of Mr Foo's who is about to have a wee boy - luckily none of these were in "girl" colours and in fact, many of her sleep suits were boy ones anyway! I've also "lent" our baby bath, moses basket etc to Alan's colleague. We will hopefully need them eventually, but as I said, no point in them taking up space in our loft and her going out and buying stuff she'd only use for a few months.
If I did have a load of good clothes, I'd sell them on Ebay, people do buy plenty from there. Or do a car boot sale, that can be a great laugh! Anything not worth selling could go to the charity shop, but I also use Freecycle and see plenty of baby clothes offered on there.
If you know a few mums with different aged babies, you could have a clothes swapping party. Everyone takes a bag of their stuff, and takes away anything anyone else has that they fancy. Great excuse for an evening of wine!