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TheJoe: Now, I don't know what happens when a gift is declined on GOG (I've never done it, and no one's declined my gifts) but the way I figure it should work is that upon your gift being declined one of two things happen:
a) You're refunded
b) The code remains unused and can be transferred elsewhere
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Miaghstir: B happens, the code is always visible in the givers account, even after it's redeemed (click on "Gifted Games" on your account page), and can be given to anyone by e-mail, instant messaging, a hand-written note, or any other viable means.

Well that's ok, then. GOG is perfect.