G.,
We have 2 boys (2.5 and 4 months). We spent about $200 on the 2.5 year old, but that includes a lot of clothes which he really won't care too much about. Toys, we spent about $125 on him. Our 4 month old (it's terrible to say), has sooooooo much from son #1! So, we bought a couple of new toys and some new clothes. Probably spent about $75 total on him. He won't know the difference at this point anyway, I guess.
As they get older, I will spend equal amounts on both of them. It all depends on what we buy. We bought the Smart Cycle for the older one this year and it was $85. That was a big part of the spending. On the other hand, he loves Matchbox Cars, so we bought a TON of those for him and they are about $1 each.
As they get older, the toys will get more expensive, too. They will actually ask for more and we would have to stay in line with what we feel comfortable spending, you know? In my personal opinion, I don't spend any more than we can pay for with our cash/debit cards. I don't want to get a Christmas Bill in January. I admit that I did fall into the "save 10%" scam at Target and opened a card. We saved a lot of $, but I already have the check written to send. Again, I hate Christmas Bill's in January!
Hope that helps a little bit.
T.