Is it OK to Regift?

It's party time — rewrap the present! This is a fairly tempting practice when mom has a stack of goodies in the home from the holidays and some perfectly nice products that are going to be returned anyhow. Whether the giver is short on funds or has duplicate goods, there are parents that pass products from one kiddo to another. But, we're curious about your opinions on the protocol of it all so chime in!