Gifts vs. Presents

In a discussion with a great Aussie blond (who will be nameless here) the topic of gifts vs presents came up. With some little reflection I told her that in my part of the western US there is some little difference, and that I personally use gift when I am talking about something given to an acquaintance or a business associate -- i.e a gift is given without necessarily a lot of affection. We give housewarming gifts to celebrate a new home of a friend or acquaintance.
We give presents to our family and to those people where there is an affectionate relationship.

Is there any rhyme or reason for the distinction elsewhere in the English speaking world?

None in my part of the world -- Ky. and W.Va.

I think "present" is a little more informal or less elegant. The Three Wise Men brought gifts, not presents. Commercial promotions that include some sort of bonus always call it a gift: "Stop In Today for Your Free* Gift!"

*That's the well-known redundant commercial "free."