For the past 16 years, we have spent it with 2 couples we are close friends with. There are usually other people who come and go, but those couples are staples. Even though everyone has a house now, we still always host since we seem to be the most kid friendly. We have a bunch of snack items, beer, wine, sodas, etc. Champagne/Sparkling cider toast and party poppers (the kids love them) at midnight. We play games, watch silly shows on tv, etc. Nothing crazy or outrageous. The kids are usually all over the house. This year we will probably do a mini count down at 10 because my cousin and her family will be leaving around then (she works early the next day) and also for my youngest who will then go up to bed. Nothing horribly exciting, just good old fashioned kid friendly family/friend fun.