I pretty much pre-wash everything due to contact allergy to sizing (my hands swell up) & the smell also will sometimes bother me if I have a bad migraine (the rest of the time, I don't think new fabric has a smell). Everything I buy, other than stamped wholecloth goes in the wash as soon as I get home. I was in cold water, Handwash or Gentle cycle & then will dry most of the way on Low heat & lay out or iron to dry the rest of the way. When I'm ready to use the fabric, I will iron & heavily starch it.
I do this for everything from 2.5" mini charms to 3 yard cuts. With good fabric, I find there is no discernible shrinkage & the only fabrics I worry about bleeding are batiks & non-commercially dyed fabrics. If you don't have allergies & don't anticipate the recipients will "abuse" the finished quilt in the laundry (i.e., wash it in hot water and/or tumble dry on medium or high heat), there really isn't a need to pre-wash LQS fabrics except for some batiks. It's a personal decision & you'll find as many people who do it the one way as the other.