Our kids get gifts from Grandparents, two Aunts and an Uncle on one side of the family.
They get one combined 'family' gift from DH and me. It's usually a board game, but if a major thing like a trampoline was in the works, we'd tag it as the combined christmas gift. This year it was a set of 4 minecraft manuals that I got from a rewards points program, so FREE (retails at $60, so that's awesome).
I also do a stocking for each of them, which they know is from me (I refuse to give Santa the credit for my hard work :) ).
Stocking contents this year:
one gold-wrapped chocolate bar (a nod to the real Saint Nic's gold delivery)
2 little cracker-and-cheese packs (which they LOVE, and we NEVER buy)
a littlest pet shop toy (bought on special, and they all like to play with these together)
a notebook and 4-colour pen
a loom-band set for each daughter, and a Wii game for my son (the girls got Wii games last year, but he, being too little, did not. Wii games are now super-cheap compared to when we first bought the system. We have no intention of upgrading)
In total, we have spent approx $60 on the children COMBINED, and they are super happy.
They've also received books and candy and random toys from everyone else, and their gifts to each other are FREE minecraft mods :)
There's a definite case of the law of diminishing returns with kids and gifts. And beyond diminishing returns, too. If it was just diminishing returns, they'd just feel neutral about the last few gifts, but it seems that if there is a gigantic pile of gifts, you can go out the other side into actual ingratitude.