I think registries are a necessary evil, and with so many couples co-habitating prior to marriage or getting married after their have already been out on their own, they either have to register for luxury items or simply upgrade their current everyday items.
I enjoy gift giving, and especially giving something to someone that I know they want, so a registry can be helpful. That being said, I am loathe to buy a breast pump for a baby shower or an odd serving dish that is part of a 5-piece set I can't afford.
So I just send gift cards. I figure that when they go to close the registry, most places give you an additional 10% or so off on your purchases, so this is helping add to their fund to buy that $500 knife block or the super-deluxe baby bassinet they've been dreaming of. Plus, I am an amateur photog, so if I attend a wedding or shower, I follow-up with a CD of the gazillion photos I took at the event... that's always appreciated