I quite liked Fred's response in this week's Carolyn Hax. He sounds like a reasonable guy, who just reached his limit when it came to demands from his siblings.
What we will no longer do is just give, give, give and sit there for *hours* like little kids pressed with our noses up against the glass. It is absolutely true that we don't need anything (though who can't "use" a good bottle of wine at any time??) But neither do they.
I also think that it's important for the children to learn to *give*, not just to get - to think about what sort of gift someone will like, and pick it out or make something, and as they get older take into consideration things like price, and have the fun of watching someone open something you chose or made. If you've got kids who get a giant pile of gifts at Christmas and birthday, without having to think about giving, that tends not to end well.
My mom gives magazine subscriptions to her grandkids, once they're old enough (Chickadee and the like). They've got more than enough toys, but the magazine comes every month and gives them something to look forward to through the year.