We have some friends that shot this idea my way and I wanted to pass it along because I'm a big fan. The following is from a section of Amy Dacyczyn's The Tightwad Gazette where she discusses the concept of
creative deprivation:
As a result of all this stuff and stimulation, kids regard overload as a normal condition. Anything less - a walk in the woods, making cookies, or sitting in a classroom listening to a teacher - is boring. In contrast, using a concept I call "creative deprivation" is, in my view, a healthier way to raise children. The idea behind creative deprivation is that every event should have space around it, so that the event can stand out and be appreciated....Until this century, the space occurred naturally. Entertainment and material goods were hard to come by, so they were appreciated when they came along. A child cherished his few toys, and music was a special event, because it could only be heard when musicians were assembled. The challenge of modern life is that we have to actively create the space....That's why the best parents understand that their kids can have too much of a good thing. They place limitations on the stuff and stimulation. They are tough enough to slow down the flow of goodies. We're working on this idea with Molly already. I try to carve out lots of time during the week for amusing ourselves at home. In terms of material possessions, I like the idea I've heard of limiting Christmas presents to three gifts - three were enough for baby Jesus, after all, and they're not too many that kids get overwhelmed (as one nephew did this year when he lost interest in opening presents after the first half dozen or so).

