This year we got just ONE gift for M. Partially because we couldn't find anything really exciting and not stupid for him that would also be within the price range. So we got him this Imaginext Space Shuttle set and it's been a huge hit. We still have to participate quite a lot. The set comes with three or four figurines. One of the scary octopus-like alien monster, a couple of brave astro-troopers and something that looks like an exoskeleton from the Avatar movie. M completely ignored the troopers, but took an immense liking to the alien.
At first he kept shooting at it (yeah, the exoskeleton shoots little blue disks), but then warmed up to the critter and even took him on a tour of his space room (our family room). Since I provide the voice-over for the alien, I had a chance to participate in the tour and watch proudly as my child named all the planets to the alient, explained why we can't land on the Sun or on Jupiter, and showed, in proper order and with explanations, how glowing gas clouds come about.
He keeps referring to it as "the gift" or "my gift" as in "I'm going to play with my gift now" and "Momma, let's go play with the gift".