There was a terrific program on PBS a few days ago about the exact same subject : the Magis and the star. Where these wise men came from, who they were (astronomers, prophets, educated), why they went to Israel to find the new king of the Jews (the position of the star told them that it would happen). The Magis passed through Jerusalem and asked people there if they knew where they could find this newborn king. Herod didn't like the idea of a competitor and asked the Magis to tell him where this child was on their way back. Obviously, they were warned in a dream of the real intentions of Herod and just disappeared. Jesus may have been already 2 years old when the Magis found him. So, yes, it is wrong to say that these wise men brought gifts to Jesus the night of his birth.
I think I know where Schizm is getting at.... the WTSociety teaches that the star has been sent by Satan so Jesus would be killed, and that's the stupidest story I've ever heard.