This may not be such a good idea...

Mattel rolls out an Elmo that 'Knows Your Name' - Nov. 1, 2005

I can picture it now... the child opens the present, pulls out the Elmo...

Elmo: "Hi, Bobby, my name is Elmo!"

Bobby: "It.. knows... MY NAME! EEEeeeeeeee!!!" *runs screaming into bedroom*

One more child scarred for life.