I always host Christmas for the extended family, always have. It is expensive, and so much work, but I (mostly) love doing it. We have the space, the money, have bought all of the nice china and silverware, etc. over the years and my DH is an excellent cook. I am an excellent eater.
My DC have told me that I get very antsy as the day approaches, and that I'm very demanding of perfection. It is true. My poor DH always needs a big rest after, from hauling all of the extra table and chairs up from the garage, and moving enough furniture to seat everyone for eating. However, that moment when the tables are set, the glasses shining, the flowers in place and the candles ready to light - that's the best bit of it all for me. Well, next to that moment when we are all at table and do a toast to those with us, and those we wish were with us.
I have, on occasion, been pissed off that everybody just EXPECTS that we will do it, and we have never been invited elsewhere. Just an invitation would be nice, even if not really possible. However, I understand why, and I'm fine with it, in the end.