My DCs are the only children in both sides of our family - so they get an awful lot of stuff bought for them!
It is much easier now they are older though, DD8 and DS6, as they just don't need a multitude of toys anymore. They have a reasonable number of board games - monopoly, frustration, cleudo, kerplunk, pictionary.
DD has a dolls head with long hair which she plays with, and other than that only has pens pencils and paper for making books and writing stories, and some other craft bits and pieces.
DS has lego, playmobil and meccano, and a drawer full of orange colouring pencils and paper (he spends most of his time drawing pcitures of war zones and only needs orange pencils to colour in the explosions)
He also has a football and goal for playing outdoors.
Then they have a shared playstation, DS has a couple of lego starwars games for it, and DD has the Singstar thing. They have a shared outdoor trampoline too.
And that is pretty much it!
Presents now tend to be DVDs/playstation games. Although they both had Heely's for Christmas.
Any money they get given goes straight into their piggy banks, then finally into their proper bank accounts once it hasn't been spent for a while!
Oh the other thing they do get, is Dr WHo cards which they have to buy with their pocket money!
Like Anchovy, we always clear out the old before bringing in the new and I have never spent a better day since having children, than I did the day Polly Pocket and Bratz made the journey to the charity shop
Even better, I have converted the playroom into a craft room for myself, and it is now stacked full of all my toys