I prefer handmade gifts. When a person presents me with something that they've created themselves, I'm not just getting a gift. I'm also getting a small part of them.
I am with lobito. Depends on what the object is. I don't like tacky or kitch, no matter who has made it. I have some things that people have made me that make my shudder and I love them for the thought: the gift goes out of sight. The exception to this is anything made for me by my child. That I display with pride.
I have a small box collection. If someone gives me a small box, I treasure it even though it is "store bought." Same goes with hats and jewelry.
Whatever the gift, where ever it comes from, if the person has put some thought into it and knows that it is something I would enjoy, I treasure it.
The more unique a thing is, the more valuable... add in that something made just for you has the thought and effort of the person and you have a true treasure.
I prefer homemade items also but I will admit that I have a thing for rocks. Normally I carry a small one that was worn smooth by moving water in my pocket. Several people from here have sent me rocks as well, each of those now has their initials on it and is with my other rocks.
Heck if nothing else its really cheap to get me something I'll be really tickled with, just pick up a pretty rock.
Doesn't matter to me if it is hand made or bought, although I recently received a beautiful hand made item as a "thank you" gift, and I will treasure it always. The amount of work that went into it and the skill involved amazes me.
The best gifts are those where it is obvious that the giver thought a lot about the gift and really tried to find something I would like, or to give me something that meant something to them.