I wrote about my frustration with materialism exposed by the holidays (in me and others). That's only a part of the picture, though.
Gift giving (and receiving) has been really meaningful for me as well. I really like Christmas gift giving in the family I grew up in. My parents and sibling go out of their way to make or buy things that are quirky, unique and somehow fit the person. There are always surprises that make you laugh. It's also about more than just us: one family member often finds a creative way to give to people in need as part of the process as well (buy a fairly traded gift, make a donation in your name, etc).