Sine DH and I started living together about 8 years ago we have always spent Christmas Day on our own, and do all the visiting on other days. Since DD arrived some of our routines have changed, like the oub on Christmas Eve. Like yourself this is DD's 2nd Christmas and the first she is aware of properly - DD will be 20 months old; what about your DD?
Our routine is a bit like this:
Christmas Eve - may go to a children's carol service with grandparents (not very religious but used to do Midnight Mass); DD to bed whilst we put out pressie in lounge with a drink or two
Christmas morning - DH(!) not allowed up until 7:30am; he then makes a drink (used to be champagne, hopefully still will be or maybe a cup of tea ) then it is pressie time. If last year is anything to go by DD will be swamped and present opening takes allmorning - spaced on with time to play in between, and breakfast in there too. We open our presents then too.
Lunch - just the 3 of us, nice big dinner and pud, champagne and wine
Afternoon/Evening - vegging out, playing with new pressies, watching TV, more wine DD to bed around normal time
Boxing Day - in early afternoon my parents, DH's parents and his grandad and wife will come round to see DD and us, and for big buffet type tea.
When younger most of our presents were downstairs and we all opened them together on Christmas morning,; so did Dh and his family. We did used to go and visit inthe afternoons though but I remember not wanting to leave my new things and my dad having to drive - part of the reason we decided to be at home together instead.