I already posted this elsewhere, but for the sake of being thorough..
My boys (5 & 7) will be getting the Lego Hogwarts set from Santa. I'll be making them bed tents (curtains, really, for bunkbeds) and probably some little wooden figures that I'll paint as Harry Potter characters and a roll-up playmat for them for my 7 year old, and maybe a cars roll-up playmat for my 5 year old. I may make them blankets or snuggie-type things, not sure.
They really don't need any toys, so I'm kind of stumped. Guess it'll be a low-key Xmas for them. It seems like the only presents for 5+ year old boys are legos or electronics.. of which we really don't need more.