We decided 2 years ago we weren't doing the big-bang "Christmas" with all of the family gathered at our home. Kids are grown and gone, and have lots of places to go on Christmas Day.
What brought this decision on was my MIL (who is really nice and treats me great, btw). Several years in a row she could still be seen chewing as she scooted out the door the moment she cleared her plate. It sure wasn't worth all the labor and effort.
Rather than practically kill myself cleaning house and cooking a huge meal, then be unable to enjoy it because of pain and exhaustion, we decided to do a smaller get-together on New Year's Day so that we might be with people who could not attend on Christmas Day because of other obligations or travel.
We don't invite 40 people for the entire day anymore! Now it's an open house from 1-6 p.m., and just central family, 8-9 non-stressful friends and acquaintances.
The key to enjoying the day is to let DH do 95% of the cooking, and clean only the great room/kitchen/bath 3 days beforehand, so I have time to recooperate and relax.