We stopped pressies at Christmas and Birthdays years ago, on the grounds that we just go and buy whatever we want as the need arises. It's truly liberating!
As an aside however, we were idly talking about pressies over our morning bath, and decided that the second-worst present to receive is a paper back book either of jokes, local interest or trivia, coz you take a look as you open it and think 'I actually do want to start reading that right now, and I can't coz the house is full of guests!'
The worst present is getting that same book when you've treated yourself to a copy two weeks earlier! :-)