Our only gift routine is that we go to Kauai every 3rd Christmas with my Mom and sister. Those years we don't exchange any gifts now that the kids are older - I used to do stockings for them and small things so they'd have something to open. No tree, no decorating, no baking, just fun in the sun!
Other years if we need something for the house we will buy that for our gift to each other. Sometimes small gifts, it just depends. We are pretty laid back about gifts to each other I guess. DH is good at buying what he needs for his hobbies and I am too!
I do have my eye on a new machine with a bigger harp but we just had to buy a new mattress for our bed so that might have to wait. We are in the $$ college years now!