It was only a century ago when the norm for American children was to receive modest gifts like paper dolls, penny candy and homemade dresses for Christmas. Nowadays, most middle class parents feel guilty if they don't cram a mountain of expensive plastic crap under the tree.
I have seen children become bored with opening gifts on Christmas because there were just so many of them. From what I could gather, the family really could not afford all the gifts either (they'd be paying off their credit cards just in time for the next holiday season, maybe).
From the other side, though, I have a new niece, and my desire to shower her with gifts and things is something I struggle with. Any time I see something cute, I just want to buy it for her. I have to stop and remind myself that she's got plenty of stuff already.
Yeah, I have heard the same thing many times: kids are often more entertained with the cardbox than the content itself :) Most of the times, gifts get abandoned after playing a few hours with them.