That is a great tradition. We'll probably take our time this morning and open everything, and then eat breakfast afterwards.
Generally speaking, at my house we open the present from Santa whenever my brother and I get up (Yes, I'm 27. Yes, I still get Santa presents). After that we usually open presents around 9AM. This year is special, since my brother now has to go to his girlfriends families house, so we don't get to open presents till 2:00 this afternoon. Oi.
Boxing Day morning. I'm tecnically allowed to open them on Christmas Day if i feel like it, but it's good self discipline to try and wait till Boxing Day. Note: I said 'try'.
X-Mas eve right here. Which I thought was unique and original. Strangely enough, my new in laws do the same!
After the midnight toast and after the phonecalls to say "Merry christmas" to our family. So..30 mins after midnight. ^^