Buenro-games: Seriously. This sounds like something written by a spoiled child. :)
elgonzo: Yes. Been spoiled with too many gift cards for shops that don't offer anything i like or need. Seriously, it boggles my mind why people think that gift cards are a good idea. Cash in your hand for the same nominal value has much better purchasing power, because you can buy whatever you want from whatever place you like... (or snort crack with it ;)
Well, allow me to explain how I see it...
Gifts are not only meant to let you have something. It's also a symbol of sorts. Buying an actual present is akin to saying "hey, I like/love you, so I put a lot of thought into what you might like or find useful, then I took my time to get it for you, so here, accept it". Giving cash? That's more like "I don't really care, but if I were to spend money on some present for you, I'd spend about that much".
Gift cards are somewhere in between cash and an actual present.
Or, if this doesn't speak to you...
imagine a Christmas in which everyone gives each other cash instead of presents. Now, this picture should be sad enough, but now imagine a scenario in which X gives Y $50, while Y gives X $40. Basically, it's the same as if Y simply received $10 and X got nothing.
And if everyone agrees to give each other the same sum, then the whole present giving is pointless and might as well be given up on.