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I've received tools of one sort or another since I was about 9. I'm sure you're smart enough to know what should go in a toolbox, but here's some insight from the experience of a dumb 11 year old boy on what probably shouldn't go in a toolbox:

+ Don't get power tools yet. He won't appreciate or understand them. I got a drill/floodlight set for my tenth birthday and by the time I was 13 the big rechargeable battery was dead. Assuming that batteries for said set were only sold in conjunction with the tools, I threw the baby out with the bathwater and tinkered with/destroyed the flashlight.

+ Don't buy specialty tools yet. No planers, voltage meters, gauges, torque wrenches, etc until he develops a focus in one area of repair. If he gets good at plumbing, go for the pipe wrench. If he takes to carpentry, get him a set of chisels. If you get him specialty stuff before he expresses interest in a certain area, the tools may end up misused and broken or left in the box to rust.

+ Don't buy garbage. He's not going to know the difference between a bargain bin screwdriver set at Wal-Mart and a quality set of Facom, Craftsman, or Klein drivers, but he'll sure know the difference if the garbage ones bend or break while trying to loosen a stubborn screw. Allen wrenches are another example - garbage ones can be bought in 20-40 piece sets for $15, but will strip or bend by the second or third use. A really good set can last a lifetime. Don't spend $10 on crap that won't last, when you could spend $20 on a worthy investment.

+ Don't get useless compact versions of useful tools just so they fit in a toolbox. A crowbar is a great, multi-purpose tool, but 6" mini crowbar has no function aside from taking up space; a utility knife, screwdriver, hammer, or larger crowbar could do the same job without taking up the extra space.

Remember that while he's still living at home, he has access to your tools, so building a toolbox for him is less about now and more about after he moves out. Equip him well, but leave room for him to build on it later.