I knew that my DB and his SO enjoyed the F&WF, so last year for their Christmas gift, I made a ressie at the BWV, wrapped the confirmation, and presented it to them. (In a few weeks, we'll all be there.)
They were thrilled! And now they are new DVC members, so in future years, we get to have fun at the F&WF--while they stay on their own points!
From experience on this board...and I'm sure Jim will be along shortly...you want to make sure people understand what you are gifting. We've had lots of reports of guests who suddenly can't make a trip - too close to the trip to be able to do much with the points. So get a firm committment up front (as firm as you can get) and make sure they understand what expenses they will be responsible for. I think a lot of these things fall apart because Disney can STILL be expensive even with the room paid for.