I know someone who does this and her presents always look amazing, however we aren't talking about a copy of the sun and some sellotape, its Chinese newspapers, thick luxurious roleux velvet ribbons and dainty gold bells. The presents aren't boots 3 for 2 gift sets either, but thoughtfully chosen or hand made with love and care.
Now if I tried it, it would look like I had run out of wrapping paper last minute and raided dd's craft drawer.