Indeed.
While I like the idea of giving a companion gifts, they should in most cases be rare and not be obviously listed as "gift items". If there are gifts in the game, they should actually mean something, and not just be trinkets you buy in bulk from a vendor and throw at your companions.
Also, all the gifts in the world shouldn't be able to sway a character who hates your guts for your orphan-murdering ways.
EDIT: Also, I'd prefer not having a visible affection meter. Let the characters themselves show how much they like/hate you.