I think this is a great idea, because it lets your kids unwrap things before Christmas! It also adds a little more excitement to reading the books. Unfortunately, we don't have very many Christmas books! However, we do have quite a few Christmas CDs, so I'm going to try this with music this year.
So, this morning I rolled out our big paper (a roll we got at Ikea for $10- it has come in SO handy, SO many times!) and we decorated it with red and green crayons, Christmas stickers, etc. We're going to use it to wrap the CDs later.