Honestly, Christmas Eve is a huge deal at our house. My son is 10 now and looks forward to Christmas Eve almost as much as Christmas Day.
On the Eve, we have our big dinner. We have family and friends in and out of the house all evening. That is when we exchange gifts with them and I serve dinner to everyone that comes. There are so many that we just tell everyone to come by anytime after 6 p.m. Everyone helps themselves in the kichen and then joins the party when they are done.
I love it. I play Santa all night long knowing that everyone is fine in the kitchen.
Christmas morning is SO relaxing. We watch our son open his gifts and my husband spends the morning and afternoon playing with him. I make a light breakfast and clean up from the night before and we have left-overs...usually Shepard's Pie for dinner. We love it like that.
Also, my husband and I usually have "toys" that we like to play with on Christmas too. Last yr I got a Nintendo DS to play 2-player games with my son and my husband and son got a Wii. I much rather spend the day playing than rushing and panicking.