Right, Seamus. More like an exchange of goods. (or not so goods, as the case may be) Makes one want to rethink the whole practice.
Now, while it's still fresh in everyone's mind, is a good time to send out a note saying, it's been fun, but let's not do this again next year. Instead, how 'bout __________________and offer suggestions for creative ways to do the gift thing. (like a favorite charity or organization, or agreeing on gifts of time or talent to others who need it, etc.)