I've posted this before, but will bore you all again.
We have made a concious decision to NOT buy big Christmas presents. The kids are getting things they will like (ds1 is getting 3 diecast cars from the film Cars, which I got off ebay for £3 each, a Cars playmat (£6), a board game, some felt tip pens and some diving toys if I can find some. Dd is getting a little £5 playmobil set, a game, a Charlie and Lola little tin, some pens, ds2 is getting some percussion instruments. They will be really excited about these, even though the monetary value is low (less than £40 in total each).
The reason we do this is because I remember the anxiety when we were children, both ours and our parents, of getting EXACTLY THE RIGHT present, and we got BIG presents. And the one thing I didn't want was my children saying 'that's not the right £200 present, I wanted RED'. So big things, like bikes, they get when they need them, and can help choose them, Christmas time they get fun little things that they will really enjoy playing with, we stock up the craft drawers etc, and there is therefore no pressure, either financially or emotionally. We also save the 'present opening' till Christmas afternoon, after Church and lunch, and then it takes about 2-3 hours because we do rounds of presents, interspersed with games, Father Christmas (aka ds1) always pays us a visit in the afternoon to deliver a present for everyone. And we listen to Kings on the radio.