What's more fun?
1) They hype of what you might get leading up to Christmas
2) Christmas itself
Neither. Christmas is a time that I spend with family, not spend sitting around lusting after stuff.
That said, the Christmas hype is generally well founded. You might get disappointed because of a crappy gift, but that's nothing to waiting two years with some vague sense of what might be. Two years builds a heck of a lot of expectations, which usually can't be lived up to. I prefer something that comes out of no where, performs as it does, and needn't deal with anticipation.
To offer grounding, I've seen tons of crap about Skyrim. I've read absolutely none of it, but purchased a pre-order. I do not build anticipation, so the eventual payoff is untainted by speculation.
Whenever the 7xxx series comes I hope it destoys current cards, and makes them look like a Delorean (high price, but little value) in comparison. I won't spend any effort building up any hype, because I've already seen the "improvements" of the 6xxx series. Power conservation is nice, but the increase in power was basically 0.