Re-Gifting......

As I prepare to head to a Christmas party, I have to make a decision on the gifts that we I bring with me.  You see, the party is a "White Elephant" gift exchange.  The concept being, everyone brings a gift and then there is a number drawing.  The person with the lowest number gets first choice of gifts from every gift there except their own.  The twist on the activity is that there are 'steals' allowed and that the gift does not need to be a new item.  The gift can be something laying around the house or it can be a gift that you wrap back up and re-gift to another lucky individual.

So the question that got brought to mind was the whole concept of re-gifting.  While during a white elephant gift exchange, it seems to be ok to do, would you do it during any other circumstance?  Is it ok?  Is it tacky?  Is it becoming a trend in today's economic downturn?  Is it a fad? 

Give me your thoughts!