Hi,
First a disclaimer: I have never commented on any forum, let alone this one. I have only 45 finds so far. Also, I didn't read all the entries so I apologize if I repeat someone else's opinions:
I once saw a log that said the finder left a ticket to an amusement park in the cache. Excitedly, I rushed to the cache thinking my kids would love to go to the park. When I found the cache there indeed was a ticket to the amusement park in it. Unfortunately, it was only good for three days previous. I just laughed and didn't feel upset about it at all. Of course, if that was the kind of stuff there was in every cache it might get kind of irritating.
I have to admit that I have sometimes found a cache and been rather ill prepared with SWAG. When this has happened with my kids I have let them take something without putting anything in it . Also, I have put some lame thing in too. I suppose I violated the Geocache code but I figure if I don't do it everytime it's not a huge deal. I also try to up the quality of SWAG fairly often.
As far as golf balls, fishing lures and such go, I think beauty is in the eye of the beholder. Obviously, a golf ball would be as worthless as a "nodule of wood" to someone who doesn't golf. That doesn't it automatically make it bad swag.
I'm interested in hearing your responses, thanks!