Why is it that kids start to play with a toy again only after you've just put it in the give-away pile? Seriously, they haven't looked at it for six months to a year, but just put it in the Goodwill bag and watch...it's like they have some internal radar that warns them when a toy is about to be ejected from the stadium! Their warning alarm blaring within them, they quick grab the thing, play with it like it's the best and most intriguing item on the planet for just long enough to make you feel guilty for almost having given it away. (How could you, Mom--it's my favorite!) Of course, as soon as it's safe again, the toy will lose all interest because (as you had correctly surmised in the first place) they really do have too many toys to begin with.
The moral of the story: take the give-away pile out to the curb/car/friend's house IMMEDIATELY. Don't wait, or that toy is never leaving!