I think that the timing of this move makes a lot of sense. Redditgifts has always been awesome, but as more and more people started using it, the penchant for abuse grew higher.

By reddit taking over, and dedicating full-time attention to it, they can take steps to combat a lot of the fraud and general lameness and keep the experience awesome for everyone.

I know a few great redditors who were drawn in through the gift exchange. I've done it now twice, and will do it again, although I got shafted my 2nd time.