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It depends of the relationship you have with the person, and how susceptible that person is. Upon opening, I'd say it's nice with moderated enthusiasm, and since I'm a really enthusiastic person, it should be enough to prevent any repeats and it avoids any ruffling of feathers.
Since I guess you got the gift a while ago, I wouldn't ask the giver for a refund, but I would simply tell that person how much I appreciated the thought, but don't think I will use the gift very much, then close the sentence with another warm thank you. It's enough, again, to avoid repeats, and prevents any offended feelings.
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