Gifts. I would never give him just money. I think that's so impersonal. What does he open on Christmas morning? A card? Boring! We did, however, get him some iTunes gift cards last year in addition to the iPod we got him.
Gifts-as all of our children are under the age of 15! And 3 out of 4 children are under the age of 5! So, they wouldn't know what to do w/the money, except put it in their piggy banks-and they like ripping wrapping paper off of boxes to see what they got for their birthdays and Christmas!