On the flipside, it can definitely portray a quality on the item - it's not just a $300 knife, but a $300 knife that Jim picked out, and Jim window-shops knives

On the flipside, it can definitely portray a quality on the item - it's not just a $300 knife, but a $300 knife that Jim picked out, and Jim window-shops knives when you walk by his desk. Because Jim picked something he knew about, he knows how to give a better gift. I'm a big fan of giving the best gift you uniquely know how to give, and failing that something broadly useful or consumable.