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I think my parents are (well were, there's only mum left now) proud that we were able to take them out to a nice dinner.
Yes mine have always been very proud that I went to uni and did alright for myself in my career. They aren't doing to badly themselves, my dad followed my example and went contracting a few years later, although he's back as a permie now he's past retirement age and collecting his pension as well, so we tend to take it in turns to pay for dinners, whoever offers first the other always accepts so there's no arguments.
They are ever so generous with the grandkids but then grandparents generally are if they can afford it. More important than the money is the thoughtfulness they put into it, they really put the effort into choosing their gifts wisely and pretty much every one is a massive hit. They have all the time in the world to spend with them as well, my mum would live here if she could. It's a great comfort knowing I've got a family like that, and a fantastic male role model in my dad, to help take care of them once I'm gone.