A few years ago I started collecting cute Christmas fabric on clearance. Then I sewed pillow-case style bags in all different shapes and sizes with ribbons attached (usually in the side seam). It makes wrapping SUCH a breeze!
The first year, when I made most of the bags, I figure it took me just as long as wrapping, but every year since, it's become SO PLEASANT to wrap gifts! Now, each year, I just add a few new bags (as needed) for new/different sizes/quantities.
I still plan to make some customized tags for our family members, for now, I keep the gifts in separate piles.
While it's too late for most of you to wrap in fabric this year... you CAN take advantage of after-Christmas sales starting this week. Scoop up that cute Holiday fabric for 75% off, buy several yards of ribbon (maybe on sale too) and then you'll be good to go for NEXT year. Oh yeah... remember to keep the fabric out when you pack up your decorations, so you'll be able to sew them and start wrapping early next season!
PS: My hubby likes the boys to have SOME presents to rip open, so he wraps a few for them. ;)