First Ever SingleSpeed Give-away?

I’ve received an offer from a reputable company to let me do one of the following:

1. Receive a free item if I agree to post a review.
2. Host a give-away where one of my dear readers receives a free item of my choosing.
I’ve never done a give-away or sponsored review before. Would my blog lose it’s journalistic integrity if I stray into this territory? (disclosure: I’ve never been accused of having integrity). What if I shamelessly promoted my blog on giveaway listing sites in hopes of attracting new readers, increasing the likelihood that the item would go to someone just stopping by for the give-away, not one of my loyal readers? Would you feel alienated? Also, are give-aways just a great way to fill the world with useless stuff that nobody really wants?
Which of the two would you prefer? or neither? What sort of item (hypothetically, let’s say it’s from a department store (plus some) and that it costs less than $50) would you like to see given away? Forks? A box of drywall screws? A purse? Children’s toys? A funny hat? Fathead Tradeables?
So tell me how you’d feel about a SingleSpeed give-away…. or how you feel about give-aways in general.
FUN FACT: I won a give-away contest once. It was on a local MPLS blog where I correctly answered a question before anybody else, but I never received the item. So sad.