I also love exchanges - swapping things out of love! and generally have a good time. I run into the usual fun-reducing situations from time to time, like recipients who don't comment. But honestly I don't think exchanges - at least the ones we do here on dreamwidth - exactly suffer from a lack of rules, so I'm not sure *more* rules is necessarily the path to more fun. I think it's just like any activity with other people, sometimes the people will be irritating. But most of the time they'll be great, so it's just the risk you take to play.

And for gifts I'm usually very happy! I'm one of those schmoopy people who is just delighted someone made me something, lol. And I mostly stick to themed or freeform exchanges. Which I think provides generally clear expectations which people do their best to meet in their own style, and I appreciate that about those types of exchanges a lot.