My children get one main present, costing I would say betwen �60 and �100. We did get them a PS2 about three years ago, but it was a joint present. They make a Christmas present list every year and I always make sure that they get the one main thing that they want then two or three smaller things off the list. My sons used to love going through the Argos catalogue to see what they wanted. Then I bulk it out with cheaper things, my boys are now 14 and 12 so they get socks, toiletries, stationery, chocolate etc but when they were younger (and got bigger piles of presents!) I would buy colouring books and stationery and little nic-nacks from cheap shops.
I have one friend who always bought her children everything that was on their Christmas present list which was something I never did. I told my boys that they would get some things from the list, but not everything, but they would also get some things that they didn't ask for which they would enjoy as much.
Don't forget aswell that if you have relatives and/or friends who also buy presents for your children that this does increase the size of the present pile!