I have absolutely no qualms about regifting. In fact, I think that its the socially responsible thing to do. I put thought into it and I would never regift something to the same person who gave it to me. I only regift something if it would be something that I would buy that person anyway.
An example of this is a pair of earrings that I got from my mother-in-law. I know that she bought them at a jewelry party because she had/wanted to buy something. They were fake little diamond stud earrings. They looked very nice and probably cost around $30 or $40. I thanked her for them and put them away with regifting them in mind. The reason that I didn't want them is because I have an almost identical pair of real diamond studs that Y gave to me a number of years ago and I still wear pretty regularly.
I held onto them for over a year when the perfect regift opportunity came up. I was staying with my friend's parents in their camper and I wanted to get a small hostess gift for her mom. I knew that she would like the earrings and she also doesn't know my mother-in-law. I gave them to her and she was delighted.
I think that it is more socially responsible to regift a nice item than to leave it in one's closet until who knows when and throwing/donating it. I never regift to somebody who knows the original giver. I only regift new and appropriate gifts.
What are your thoughts on regifting?