Yep, you get it in one of the boxes Lollipop linked. The size will depend on the item so if you're only buying a bullet it will come in a small box. I used to get multi-coloured boxes too but I'm not sure if they've got rid of them now and there's only the dark blue ones with multi-coloured hearts on.The tissue paper is so cool, I keep mine and plan on re-using it!
You're best off asking customer care. I have a small and medium gift box, and they're really generous sizes. I would say the small one would be far too big for a bullet. But maybe lovehoney accomodates to this and has smaller gift boxes, so it'll probably be best to ask x