Wrap each child's Christmas gift in different paper
For pre-readers, I have found that wrapping all of Child A's gifts in one wrapping paper and all of Child B's gifts in a different paper (and Mom and Dads' gifts in different papers yet) avoids the confusion that inevitably ensues on Christmas morning amid all the flying wrapping paper. This way, even kids who can't (or don't) read the tags know which gifts belong to whom.
Then again, perhaps gift tags are the perfect way to begin or practice reading. Something to consider.