I used to hate gift wrapping, until I worked in a toy store and was forced to do it all the time. The secret to wrapping gifts with less stress is to have:
1) A large flat surface like a kitchen table
2) Sturdy wrapping paper - don't buy the cheap stuff - preferably the kind that has the grid on the back so you can cut in a straight line
3) Good scissors
4) No cats.
Our store had a nifty contraption that had the wrapping paper on it - like a huge tube - and a perforated metal edge so you could just pull off in a straight line.
Is it still annoying? Definitely. Is it a waste of time, effort and money? Kind of. I love the way people look at presents when they're wrapped, trying so hard to figure out what could be inside - and the happiness that overtakes them when they peel off an edge, suddenly figure out what it is, and start wildly ripping the paper off.
I also like getting that feeling myself.
So I don't think it's a waste. I find it's well worth it.