Regifting Baby Presents

What's a mom to do when her son winds up with three of the same toys at the end of his birthday party? Philanthropic parents donate their excess goodies to charities while others take the presents back to exchange for fresh loot. Then, there's always that inkling some people have to rewrap the unused gift and pass it off to another child. Regifting might have been considered tacky in the past, but in the current economy, do you think it's appropriate?