I'm "lucky" that with all of our too bloody many DC that just a few things each, means a big pile to spread around the tree. Not that much each, but put all together, it has the "wow" effect. Especially as parents join us part way through the day so theirs are under the tree too.
However, when it was just DS, I would always succumb to the twitch and want to create that "oh wow what a huge pile of presents" Christmas morning first look for him. It did achieve the initial wow, but he was overwhelmed by too many things, some stayed unplayed with in their box until Easter.
One year, his main gift was a trip to Disney over New Year and other shows, so not much else alongside that to physically wrap. What I did was buy three packs of balloons in red, white and green, and blow up those thirty balloons, leaving them on the floor. His face lit up when he saw it. Even now at 15 he asks if we'll have a balloon Christmas. You don't need to create the "wow" with presents.
Eldest DS also liked one year when DM and DF wrapped many boxes inside one another like Russian dolls, about 8 in total so it was a huge outer box, with a progressively smaller wrapped box inside, until he got to the final one, which contained a piece of paper stating "one luxury air guitar, love Santa". Again, no expense, but a big wrapped present and a fond memory.
We've also bought indoor snowballs (about a fiver a box of twenty B&M) and piled up to have a pre breakfast snowball fight.
I've also done streamers and paper chains all across the ceiling. Next year, when the youngest two will be old enough, I'm nicking an idea, which is a chocolate fountain set up on a little table with a Christmas tablecloth, tinsel, lights etc, and I'm going to seal the main door into the living room with wrapping paper for them to burst through.