I really can't see the point of Father Christmas. But then I was brought up in a religious family, and Christmas was about celebrating the birth of Christ, so we had a lot of special preparing for Christmas to do with that (including moving Mary and Joseph and the three King's slightly closer to the crib every night).
Now I'm an atheist I'm having to invent new Christmas traditions. They are all about making presents for other people - this year we did candles, last year we did bulbs in special posts the kids painted.
I really dislike the idea of Father Christmas because a)it is all a great fib (and I love to tell stories, but agree with Socci about the difference) and b)presents are from people who have (hopefully) taken time and effort and some sacrifice to chose something for you and you should say thank you to that person not some made up character!
The other thing is that there is an implication that Christmas suddenly loses it's magic when you break that secret. I still find Christmas special, and I intend to keep it that way for all of the family for more than the next few years.
I have no problem with other people's traditions - Christmas it seems to me varies from family to family. Oh yes, and my dd (aged 4) tells me that I am quite wrong! (oh and my ds wants to go to church...)