White Elephant Gift Exchanges

I like the concept of a well done white elephant gift exchange. Unfortunately, I have never seen this concept done well.

Most of these times turn into comical re-gifting extravaganzas with little value to be found in any of the gifts. What amazes me, is that year after year, the same group of people will gather to do the fruitless exercise. There has to be a better way.

Someone, somewhere must have been to a white elephant gift exchange that worked well. Please tell me what it was like.