2 fake trees. The one in our living room I place all the presents for other family members, coworkers, teachers, etc. Basically everything that isn't for DH, Me or DS. That is also my red, silver and gold "fancy" ornament tree.
The tree in our family room where we spend most of our time is the "fun" tree. Disney and Hallmark ornaments, colored lights, etc. We have the Disney Train around the base. I don't put any gifts under that tree (even for DH or myself) until after DS goes to bed Christmas Eve. That is the tree we do Christmas morning around.