In my mind there is a hierarchy to meaning in gifts:

1. The surprise gift that they really wanted

2. The gift they asked for/put on a wish list

3. The gift they asked for and know they're getting

4. Gift Cards

5. Cash

6. The gift you liked but had to return

7. Interesting but useless

8. Not interesting and useless

9. Card with no money

10. Nothing

For me once you get to gift cards it's ok, but not great. I try not to go the gift card route if I can avoid it. Of course you can understand if a friend is strapped for cash and they just give you a card, there are ways to make anything meaningful.