Stocking from Santa, presents under the tree from the actual people who gave them.
I always help the DC choose or make small presents for everyone we'll see at Christmas too so there will be presents under tree from them too.
When we're at MIL's for Christmas she likes to put a couple of presents from Santa under the tree too. The DC have never seem at all phased by the inconsistency!
I don't understand doing all presents from Santa. Don't you want the DC to know you got them something? Isn't saying thank you to the present giver part of the whole thing? What about presents from other family members, do they get relabled from Santa? It'd cut down on thank you letters I suppose! 
If there don't get relabled from.Santa then isn't it conspicuous that the rest of the family and Santa got them lots of lovely presents but you - apparently - didn't bother?! And besides, I want a little credit for all that effort, Santa can't have it all!
Waking up with the stocking is the magical bit IMO.
But having said all that, it's up to each individual family to make up their own traditions and do what's right for them, that's half the fun!