I prefer not to exchange gifts with friends. Let's go out to lunch and have fun! Nothing much I can do about my family though. Gotta give our parents and siblings gifts.
One thing I do like though, my husband's family has a BIG get together on Christmas Eve and we have a Left Right pass it game. We're only supposed to spend $10 or less on a gift and sometimes we get some really great gag gifts! Last year we got stick on mustaches and a disco ball! Now something like that is really fun.