I do this every year.  Myself and much of the rest of the country.   I totally overextend myself.  I'm lucky I've been able to keep the bank account out of the red.  And it still seems like Christmas at home is fairly lean.   
 
Husband got: 
A new leather jacket since the puppy tore up his (and I found the exact same one for like $60 at Amazon... err $100 with shipping) 
A navy peacoat (because he's always wanted one) 
A pair of Levi's (because he prefers Levi's and I have been buying him no name brands for years) 
Red Dead Redemption 
Uncharted 2  
Stocking stuffers
 
Daughter got: 
A new 19" flatscreen tv/monitor with a built in DVD player 
A usb graphics tablet since she likes to draw on the computer 
A 360 network adapter 
Halo Reach (cause she loves playing Halo) 
Stocking stuffers 
 
 I mean... I probably spent $400 or $500 on each of them.  And considering I was trying to keep Christmas down to about $500 because of money.....    
 
And it still doesn't feel like I've done enough.  I just love when people get that "OMG Wow, that was so awesome of you!" when they open a present. 
 
Ah well.  At least next year I'll actually be putting money away in my holiday club account so I'll have more Christmas spending money.