Blizzard has announced an EU Battle.net gift card program. These gift cards, which come in the amount of €20, are available throughout many popular retailers around Europe. Upon using the gift card, the user's Battle.net balance goes up and they can purchase what they want.
This isn't a bad thing, especially for things Christmas gifts (/cough mom, if you ever read this). Individual items are still giftable via Battle.net as well, that has not gone away.
Again, this is for the EU only. The US version, we have to assume, is coming soon™.