I don't think we go overboard, but we do more than 1 or 2 presents.
Our dcs (13, 11 and 6) each write a list of a maximum of ten things they'd like and order them in preference. They understand that they won't get everything from that list, but will definitely get at least two or three things off it (which keeps the excitement at not knowing what they might get alive) plus a couple of little surprises.
None of them are greedy and they will ask for something like the next book in a series they are reading or a new set of good quality felt-tips, for example, as well as usually something a little more expensive that is their dream present. Ds2 in particular has a habit of asking for things that aren't expensive, but are extremely difficult to source, such as a rare Pokemon card for under a fiver that takes weeks to track down or a retro game for one of his vintage games consoles that usually cost about ten pounds or less, but can be really hard to source in good condition - he likes to keep me on my toes! 
The list gets shared with grandparents on both sides and one great aunt and after they've chosen what they'd like to buy, dh and I work out which and how many presents we're getting, based on what's within budget, worth the money etc. We then add a couple of little surprises - nothing expensive and they have stockings with a mix of cheap treats and things like new undies, shower gel, toothbrush, flannel etc in.
This works well for us. We can do Christmas within our budget, gps and great aunt are all happy with what they get and none of the dcs end up with a pile of tat they aren't bothered with or gets broken by boxing day.