I tend to think a simple thank you is generally what I do. I know there are some people who like thank you cards but I could never get used to it. If anything, I would probably use a digital one because it saves on cost.
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I love simple! And I think it's important to consider who is saying thank you and how. For one person a may be a huge extravagant show may occur because that is their personality, but yet for another, a simple, heartfelt thank you is a huge thing for them to do. However, they both mean the same because of the intent. Gratitude expression is definitely not a competition. Thanks for bringing up this point!