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I agree with the "accept gift, say thank you, and put it aside to open later" thinking, unless you're in a one-on-one gathering and the person wants you to open it then. Still say thank you and deal with gift later. I'll donate it, or pass it along to someone (who doesn't know the gifted) who says they want said item when I mention it.
We are great believers in "asynchronous gift-giving". I know my neighbor really likes my fermented pickles and I like the guy, so I make sure he gets a jar or two of pickles when I have cucumbers and the time to make pickles. That may or may not be the time he gives us tomatoes from his garden or some of his fishing catch. We'll watch his dog without expecting a thank-you -- we do it because we can and we like too, not out of obligation. People who know us know we just don't try to equalize the reciprocation. ("I gave them a grocery bag of tomatoes and they only gave me a gallon jar of pickles...")