A Re-Gifting Party?

I just became aware of a new trend, a "re-gifting party." It occurs after the holidays and guests are asked to bring a gift that they would like to "re-gift." Does the adage about someone's trash being another's treasure apply here? I guess you'd have to be careful not to bring a gift if the giver of your "treasure" could possibly be in attendance! What's your take on this new trend? Have any of you been to one of these? "Recyling" idea or not?