It's a hugely egotistical exercise, I admit, but no more so than hoping people you know will shell out hard cash for a properly-published piece of fiction. Chapbooks of this kind are homemade, personal and inexpensive - and have an illustrious literary history.Listen. Neil Gaiman has a short story in Smoke and Mirrors that he originally sent in Christmas cards, but I'd bet he still gave other presents that year. And I've given my share of crappy gifts (sorry family!), but I think a present should be specific to the recipient, not the spam e-mail of gifts to showcase my dubious knitting and writing talents.
I'd be happy to read a chapbook as an addition to a thoughtful (potentially small and inexpensive) gift, but I'd prefer your re-gifted scented candles from Aunt Myrna or a bottle of Andre from the corner bodega if it's that or a chapbook. Plus, the "my only gift to you is my glorious writing and you damn well better appreciate it" move is one that rhymes with "rasturbatory," and that is an icky thing to gift.
More importantly: for those of you who were worried, yes, I did get a waffle iron during the holiday season (I restrained myself from posting photos only through sheer will. You're welcome!). I now only eat waffle shaped things. Soups are difficult.