Speaking for myself, I don't get involved in swaps because I think its an easy way to some fabulous item for my shop. Generally speaking, if it was really needed, I own it already. Swaps serve two purposes for me:
#1 and most important is that they are a way to connect to another woodworker on the site. It makes LJ's more of a community when you have some connections. I've been privileged to meet the senders of a couple of my swap items in person. They are great people and I might not have had any motivation to meet them if it wasn't for the swaps. If I receive something in a swap that is very similar to something I already own, the swap item stays and I sell, trade or give away the purchased one. I'd rather use a tool with a personal connection than one that the only point of connection is a credit card bill.
#2 is that swaps give an excuse to push myself, along with a deadline for doing so. The deadline ensures that the project will be finished and not end up as a partially complete thing cluttering up the shop even more. Some people work just fine without that impetus, but it is a help to me.
Some of the most useful tools in my shop are relatively simple. If your tool was made to the best of your current abilities and works for its intended purpose, then you are successful and I guarantee that tool will become a treasured part of another woodworker's arsenal.
I do have too much fun doing these swaps. This will make number four for me.
