I am torn on this policy. On the one hand, I feel like it's unethical to return something without the receipt that you bought with PCE, but on the other, I feel like if you return a PCE bag that you ordered and just happen to not like, why shouldn't you be allowed to exchange it for another? So my feeling is that it all depends on your intention.
For example, I'm thinking of returning my tattersall tote becaue I'm not so thrilled with it and should've gotten either the satchel or the larger tote. Now, if I were going to return it for one of those bags, I would not feel guilty about returning for full price and buying one of those bags at full price instead. BUT, I'm also eyeing up the new framed satchels which were not available during PCE. I could not, in good conscience, return for full price and then apply it toward one of the those bags because they weren't available before and I would feel like that was stealing. Does that make sense to anyone besides me?