There is no right way of doing Christmas and I think you have to find a way that suits you.
We seem to have fallen into the tradition of spending Xmas morning at home, and then going to my parents on Xmas for lunch and seeing ILs a couple of days later when it is DHs birthday.
I do think when they're children it is important for them to wake up their own house and to have the whole FC thing in their own house. I would never go anywhere on Christmas Eve / Christmas morning. I do think it is just special spending Christmas morning in your own home. It also allows the children to play with their own toys in the morning before we go off for lunch.
That said, I also hate cooking so am happy to go to my mum's for Christmas lunch so she can play mother hen--.
Christmas is huge in my family and very magical. I'm lucky that my DH has bought in to all of that, and he now prefers spend Christmas day at my parents. We did once spend it with his, but even DH agreed it was shit and he never wanted to do that again. Plus he likes to see his folks on his birthday. DHs family aren't really in to Christmas so it a bit crap going there. Probably our system is a bit unfair but it does work for us.
It is the same with my grandparents - they always go to their youngest daughter's on Christmas day, their son's on Boxing day and our family a few days after Christmas. It works for us because we get to replicate Christmas with another party a few days later. I don't mind not seeing them on Christmas day. I prefer to have more parties and to enjoy spending time with people rather than cramming it all in to one day and not enjoying it.