What we all have to eventually realize is that if Bitcoin spreads to a large enough audience, government is going to catch on and shut it down.
Since the currency exchange involves USD at the moment, I'm fairly certain any such transactions still fall under tax laws. Even if you tried to rectify the transaction of Bitcoins for physical objects as 'gifting', items that are given to you for free are still subject to taxation by law, even though nobody I know includes every gift they were given on their tax forms it's still technically required by law.
This information is based on my experience, so correct me if I'm mistaken.