Growing up, we always did xmas eve at my dad's family and opened presents. We then went home and opened one present. In the morning we did the Pj's open present thing, then a big breakfast, then had to leave all the toys and go to my mom's family. I can't say I really enjoyed any of it, except the time at home.
My husband and I decided not to travel for Christmas (my family is out of state). The reason for this was that Christmas falls on random days so we would have to take more time off work, and airfare is so much, we travel Thanksgiving instead.
His family expects us as his parents' house both Christmas Eve (almost all day, or at least after work) and always the SAME meal that I don't enjoy - reminds of when I was a kid. Then all Christmas day. They are well off and the opening of presents alone could take an hour or two. They would have a huge breakfast, snacks all day, just sitting around watching TV, maybe a game or two, but it was usually a 2-3 person game, and then dinner. Not much interaction, and not any different from other dinners up there.
Since my son was born, we have decided not to leave our house on Christmas Day. We want our son to be our joy of Christmas and let him nap when he needs to and enjoy his presents and own toys, and just enjoy the day. He is the only child in the family, and isn't christmas for the kids and for spending time together? His grandparents' house isn't babyproofed, so the day would consist of me following him around and moving things out of the way and constantly telling him no. Also trying to avoid the 64 inch tv that is constantly on because we don't have him watch TV. (It is how I will be spending xmas eve anyway.)
Our new plan is to give in to xmas eve, but we aren't showing up so early. We go to an evening mass at our church. Morning and breakfast/presents in whatever order our son decides, then relax and enjoy the day until we host a dinner for anyone that wants to join us.
The morning is special because we make it special. We put on christmas music, slowly open our presents, have some breakfast foods that are special to us and that everyone will like and take our time with the whole thing. You can still get dressed up for the dinner and visiting, and that way the focus is on the family, and not the gifts.
Sorry that was so long. I am just a strong believer in doing things for "your" family, and not necessarily worrying about everyone else so much.