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I explicitly ask for gift cards, because the last thing I need cluttering up my house are random gifts that people got me. I've gotten to the point where I don't really care for surprise gifts, and I feel like a jerk telling people exactly what to get me. So I just ask for gift cards, and I use the money to buy my own gifts.
My wife and I don't really buy each other gifts anymore. We just buy ourselves something we want and say, "This is my Christmas gift from you!" Repeat for birthdays, etc. Not having any expectations of buying/exchanging gifts is liberating for us.
Same, I'd rather have people help me subsidize big purchases with gift cards than buy me stuff I don't need or want. The in-laws especially hate giving gift cards so for years the wife and I tell them we just don't want anything for the holidays. This year they finally caved and sent us some gift cards. I'd rather have to pay $50 less for an expensive tool/toy than have $50 worth of even more junk cluttering up my house
This is what I prefer. Instead of getting a gift card and feeling obliged to buy something from X retailer. Sometimes I just don't want to buy something from them. Whether it's cheaper elsewhere, or I just don't trust them for that item so I either have to pay more just to use the gift card, or risk getting a knockoff.
With straight cash money I can spend it whenever I want, on whatever I want, wherever I want.
That's why I'd rather cash or nothing.