Gift Cards...a Great Gift for Whom?

It used to be that every X-mas card from Aunt Louisa would come with two crisp Andrew Jackson's. (Actually, for me, those days aren't over. But cash-givers seem to be a dying breed.)

For those who prefer not to give cash, would you rather gift your (Insert: mom, dad, daughter, son, friend, or mom's friend's son's daughter's cousin) with money that demands that s/he spend it in a particular store or mall? money that s/he would have to do some extremely meticulous math in order to get the most "bang for your-now-his buck"? Would you rather gift money in a form that demands that all surplus be absorbed by the store, mall, or merchant who issues it?

If so, then, you'll want to check this out; brought to us by MSN Money and Bankrate, the gift card comparison chart & important accompanying details.

As you can tell, I don't believe in giftcards. But I still keep getting them, and I certainly appreciate them all the same. But always wonder: What's the attraction? I'd rather get a good ol' fashioned present, or just cold, hard cash. To me, both can convey the giving spirit. In fact, I'd rather give someone $50 knowing s/he can use all of it, than give a $50 giftcard that I know s/he can't! I don't find cash to be an inappropriate gift at all...am I the only one?

Update: For more info on the "secondary market" of buying, selling, and trading gift cards, go here. Note that most of the sites mentioned seem to charge a percentage - even for trades - diminishing the spending value of the gift card even more.