Personally, I think it's kind of lame. There are lots of items given out through presents during Christmas, and I don't see why players aren't given the opportunity to try to collect them all. It especially doesn't help when it seems the majority of presents end up being food or gralats.

On the flip side, you mention Christmas is a time of giving. Well, I did not have an opportunity to gift one of my close friends because they already reached the limit. I find this disappointing, because while I like collecting items, that is not the sole reason I participate in the Christmas event.