My feeling is that it's only a "rip-off" if you make it so (i.e. if you give in to the pressure to spend your money and energy in ways that make you unhappy at the end of the day). Just make sure your activities are in keeping with your beliefs about this day of giving -- whether you consider your actions as a commemoration of your God's gift of a son to be sacrificed for you, or as a celebration of the winter solstice, or as a token of your affection for the people in your life, or whatever -- and you'll sleep well on Christmas night.

If it makes you uncomfortable to spend money on gifts that you're not sure will be appreciated, find a way to give something to your friend or loved one that will be appreciated (or that, at least, will signify that you are appreciative of that person's bond with you). Give of your time in some way to that person. Give $$ to that person's favorite charity in his/her name. Give him/her a call to say "I'm broke -- this recession sucks -- but I'm thinking of you."

If you are caught up in some sort of obligatory-spending system (such as a gift exchange at work) and if your workmates are not open to suggestions for changes/modifications to the system, you may need to consider the expenditure just another part of the job... and console yourself with the thought that whatever someone gives you was chosen for you. Hint: be sure to demonstrate to the giving workmate that you are using his/her gift. Once I was part of a pull-a-name-from-a-hat gift exchange at my place of work, and the coworker who pulled my name gave me the world's ugliest jewelry, which I put aside to donate to a thrift store. Soon afterward, my manager drew me aside to say that the gift-giver told him she was upset that she hadn't seen me wearing the jewelry! So I learned that being appreciative goes beyond saying "thank you very much" on the day of receipt of a gift... and I wore the d*mned jewelry!