This topic has been discussed on several boards I'm on. It boils down to this. Some people are 'quilt-worthy', some are not.
I make graduation quilts for my kids' friends (close friends ONLY!) If I don't think they will appreciate the time and effort that has gone into a quilt, I will write them a check for graduation. So far, I'm batting 100 on the quilts being taken care of by the kids (or protected by the parents!)
I really like the idea of keeping track of the time needed to make the quilt and put it on the label. I also piece and watch tv, make dinner, do laundry, help the kids with homework, so this might be interesting. When I quilt, I'm in my own world and don't have all the distractions of the house, and I still have a hard time keeping track of things. Certainly something to think about! Great idea!