OK, since "Gift Wrapped" is set around Christmas, we can safely assume that Granny and Tweety are being good, while Sylvester and the dog - presumably named Hector - are being naughty. The main humor here is seeing how Sylvester uses the presents to go after Tweety...and when the dog appears unexpectedly (come to think of it, I could occasionally guess when he was going to appear). Everyone likes to use Christmas as the setting for something unusual (or would all this count as usual?); "Gremlins" did a really neat job with that.
I figure that the cartoon mainly functions as a place holder in between the really great cartoons (1952 also saw "Operation: Rabbit"). So this is an OK, not great addition to the pantheon of Sylvester/Tweety cartoons. Passable.