I just had this discussion with a friend of mine and then there was an advisor on TV that just sort of brought the concerns and when to give them a new perspective.

When buying gift cards be sure that the company that you are buying from is going to be in business after the holidays. Unfortunately, with the downturn of the economy many companies are planning to close some of their slower retailing outlets. I know that I have heard that Best Buy, some Circuit Cities, and Office Depot are looking to close some of their stores.

Also, make sure that the store you are buying from is in the area of the recipient. That way they will be able to use the card. I have also heard that some companies begin to deduct a type of interest against the card when not used in a timely manner.  You really want to stay away from these.  I do believe at one time Starbucks was doing this, but not anymore. 

I have also heard that there are some types of penalties attached to the American Express cards and Visa cards.  I do not recall what they are but certainly something to look into if you are buying these. 

Lately, as our families are either at college, living in small apartments, just married, or just having just about everything, I have leaned more towards giving cards. I don't like to because I so enjoy hunting for the perfect gift. But, it has come to a point that I can not afford something that they just may not use.

Therefore, this year I have gone more towards giving food cards. Such as Applebees, Subway, Burger King, Chili's, Mimi's. A good time out for a bite to eat is always fun and on a college budget or just starting out, a meal out is great.

Also, I heard that the value of the food can actually be greater than the face value of the card. Such as the Subway card will actually provide several meals.

Gift cards are also easier for older people to give. It just gets hard trying to make everyone happy and to know what they want or what they are doing.

I don't give cards to the younger members of the family that are still at home. I do find something special for them that I know they will enjoy.

All of this does take some of the fun out of gift giving. If you are able to go shopping for that special gift and use these cards as stocking stuffers. I think that doing it this way becomes an added bonus.

As to the question?  I think that they are acceptable gifts.  But when you can indulge yourself in the pleasure of searching for that special something.