I'm in the miser camp, or I try to be, and that's mainly because I'm uncomfortable with my children thinking they should expect 'just because'. We are not a Christian family so to them Christmas is a time of year they are bought presents for no particular reason.
As an adult, the reasoning seems to be because we have been encouraged to over a relatively short period by marketers.
The notion of spending loads on Black Friday and Easter seem ludicrous now, but if the marketing of (often guilt laden) consumerism is anything like it has been over the last 30 years, we'll be repeating 'Christmas' multiple times yearly.
What does this teach our children?
I mainly partake in gift giving because I feel guilty if I don't. When my children are old enough I'd like to encourage them to think of Christmas as a time to share their time and resources with others less fortunate.
In my opinion the less fortunate need my money less than Toy's R Us or more than my children need yet more 'things'.
Nevertheless you'll see me running around on the 24th like everyone else having felt pressured to give back to all that give to us!
It is tough!
I do try and keep in mind that my happy memories of Christmas, even as a child were all based around family time, events and laughter! Presents never feature in my memories and surely good memories are all that really matters?