T.H.
My husband has always had a lot of people under him and while he always gives gifts, he has also received quite a few over the years too. I think it's a personal preference. Not all of his people give him gifts, but the ones that do usually do a gift card or something like that.
I agree that if you're going to, don't make it extravagant. You could always "gift" a catered lunch or a cookie delivery to the office and everyone can benefit. If you like to cook or bake you could even make some things and bring them in one day.