$50.00 gift certificates to various restaurants for in-laws, parents, and grandparents.
To the kids they got a PS2 this year, complete with 4 controllers, a steering wheel (tried Intec, taking Intec back and getting DFP wheel instead), a multitap, eight games (GT3, GT4, Crazi Taxi, Narnia, Smash Court Tennis, NHL Hitz 2002, Time Crisis II, Crash Tag Team Racing), and a few other PS2 gadgets.
Eldest son/daughter also got campbell dward hamsters complete with cages and all necessary supplies (this was the gift they got to go a get with dad - a family tradition we've started up the last few years).
Youngest son got a big transformer thingie, also a gadget that shoots small wheels across the room called FlyWheelZ.
Wifey and I don't trade gifts because we'd rather have the money to spend on other things ourselves. Christmas overall was a bit light this year because all three kids are in private school this year so money is tight. Still, it was a Merry Christmas and the kids have been glued to the PS2 for the most part.

Oh yeah I did do a twelve days of Christmas thing this year for my wife, got one small gift each day starting on the 13th, I did a "Body Shop" motif getting her various lotions, massage oils, exfoliating gloves, etc.