That's precisely what my parents did when I was a young person.....the monopoly guy said:Have Santa give them small gifts, while you give them the big cool ones they really want.The Iron Ninja said:Well I look at it this way:
If I tell any of my Ninjalings that Santa does exist
"Gee whiz, thanks for all the cool toys Santa"
If I tell any of my Ninjalings that Santa doesn't exist
"Gee whiz, thanks for all the cool toys dad."
Seems a pretty easy decision, either you can put all the love they feel towards something imaginary, or you can put it towards yourself.
I do plan on telling my kids he's real, it's just one of those childhood things.
If you do something like that, then you have the best of both worlds, really.