Here are our traditions that we've started doing over the last four years. Christmas used to be one of my least favorite holidays. Now it is one of my favorite. I think my kids would agree with that too.

1) We use the money we used to spend on gifts and take a vacation the week before Christmas instead of buying presents for the kids (no more Santa). Yes, this is more expensive than a traditional Christmas but worth it to us.
2) We give each of the kids $100-$150 (depending on our budget for the year). They keep $50 to buy souvenirs while traveling and they are asked to find someone during the course of our vacation to give $50-$100. My wife and I do this as well.
3) On Christmas eve, we eat out at a nice restaurant for dinner (no more stress in the expectation of cooking an elaborate dinner - I know some like this...it was pressure and tiring to my wife). But the thing we like most about this is we drop a huge tip on the waiter/waitress.

We realize it isn't a traditional approach to Christmas and isn't for everybody. However, it has moved us more towards an emphasis of giving instead of receiving...it has also helped us create some cool family memories.