Here are some links to some great holiday craft ideas for kids. Two obvious bonuses: 1) Keep the kids busy during winter break. 2) Low-cost gifts from the little ones to the loved ones!
My hero (except for that whole bit in federal prison) Martha Stewart always offers adorable crafts and projects for kids.
Here's some cool stuff from Spoonful. They have Thanksgiving, Christmas and other holiday ideas - some Disney inspired (which means I'm instantly in love).