Our "Rules" have been that they can come downstairs to "peek" but then they come and get us up. While were doing bathroom business, making coffe, etc. they can go through thier stockings. I don't wrap anything in thier stocking, but then everything else from "Santa" is wrapped in special santa paper. Last year my son had Spiderman and my daughter had Bratz. Once we're all in the dining room and the camera is set we can go to town!
After the kdis are done they usually call may parents, who will go pick up my grandma and then they can see everything the little ones got and then we have a big family breakfast.