That being said, I bought this for my baby last week:
For the record, it is not an engagement ring. Neither of us are quite THAT stupid... but we are considering it a promise ring. It symbolizes a promise of love, consideration, and dedication... nothing more, nothing less.
What's funny is that everyone he's shown it to has immediately asked "Does he have one?", to which he replies no... and then proceeds to justify the offended-on-behalf-of look on their faces... I don't need one back... but it's funny that he's being antagonized about it. (though yes, it would be sweet ;)