Gifts: To keep or not to keep? Check our Ratings first

After the presents are unwrapped, there's likely to be at least one gift you keep turning over in your hands, wondering "Do I really want this?". That's a question Consumer Reports might be able to help with.

Whether it's to scope out the possibilities for exchanging that digital camera for a more compact model, or to see how the camcorder you got stacks up against others on the market, our detailed product Ratings, available to subscribers, will give you the lowdown on what you got—and maybe didn't get.

If the exact model of an item you received doesn't match what we've rated, remember that good performance often runs in the family, as our tips on buying electronics explain. Our tests have shown that untested models in the same brand as well-rated models tend to perform well themselves. We also compile brand reliability information on TVs, digital cameras, computers, and more, so subscribers can see if your gift is more repair-prone than other brands.

(Ratings and reliability info are available to subscribers of ConsumerReports.org. If you're not yet a subscriber, or might like to give a subscription as a last-minute gift, click here.)

If you decide to exchange a gift, our advice: Don't dally, and read the fine print.

Many stores say they are relaxing their return policies for the holidays, check to make sure. Circuit City's Web site, for example, touts an extension on returns through January 31st. But, further down on the page, there are a number of exceptions:

"Digital cameras, camcorders, desktop PCs, notebook PCs, monitors, printers, scanners, projectors, PDAs, mobile video, GPS and radar detectors must be returned within 14 days of the sale date, and (except where prohibited by law) are subject to a 15% restocking fee if returned opened or in a non-factory sealed box."

(A sales rep said the return window for those products had been extended through Jan. 8.)

Our Ratings of electronics retailers show stores' standard return policies. Go to the store's Web site or call to see if they've truly extended the return window or if you have only a few days to make the switch.

Also, as the Circuit City example above illustrates, it's quite common for electronics goods to have a restocking fee that can run as high as 25 percent, especially for computers and peripherals and from online retailers. Find out about any such fees, since they may affect your decision to return the item.

Also check out Tightwad Tod's comprehensive list in a recent blog ("The ABCs of gift returns") of what to remember when venturing into the world of returns and exchanges.

—Nick K. Mandle