Here is a summary from Consumer Reports about a new Tarbutt return policy. One sentence seems absurd even for Target (below in red) and I wonder if this is acurately reported as it really would make them seem even more foolish that usual. Much as I think Target Sucks, if this is reported correctly they really have gone off the rails. 
The entire report is found at: http://tinyurl.com/ylznheq
Update: Mn. Star Trib reported the change 5/5/09 to go in effect 5/15/09, see:
http://www.startribune.com/lifestyle/yourmoney/44307242.html?elr=KArks7PYDiaK7DUdcOy_nc:DKUiacyKUUr
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From: Consumerreports.com October 23, 2009
"Target's new return policy: Better, if you can figure it out
Mega-retailer Target has improved its return policy, but it’s still far more complicated and less consumer-friendly than Wal-Mart's.
What does change: Now, you can make as many non-receipt returns as you want, up to $70, in any 12-month period. Target’s previous “hidden” return policy allowed customers to make just two non-receipt returns of up to $35 each, over 12 months.
One of the biggest changes affects holiday gifts. Target allows for even exchanges if you’ve exceeded your $70 return limit. So if Aunt Minnie gave you a shirt in "large" but you're a "medium," you can exchange it without a hassle, even if she tossed the receipt. In the past, if you had reached your non-receipt returns limit, you couldn’t exchange the shirt, even with Target tags intact. But if you got the item as a gift, the person who bought it for you will need to be present."
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