Yeah, my boss is trying something like that this year.
We always got a big box with christmas with bottles of wine, toast, snacks and a few little gimmicks. Half of it was being stashed somewhere and thrown away after a few years or, those where things you would never thought of buying yourself, but at least it gave you the feeling that yours boss cared about you. Or it felt like a reward for all the hard work you did the last year. The way he always handed out nice looking and slightly mysterious presents like that.
But now he is giving out gift certificates and you can choose from a variety of objects. Like a set of soup bowls, towels, a toaster, 15 minutes in a glider, stuff like that.

It makes me think of Rowan Atkinson as Mr. Bean who writes christmas cards to himself. I mean, the point of christmas presents was always the surprise of the gifts that somebody else bought for you. What's the point in choosing your gift beforehand?