I was shocked to see CS' (and a few parents') take on this movie. The movie does not glorify materialism, it LAMPOONS it. The movie completely makes fun of the consumerism of the holiday season and exposes it for what it is: ridiculous and crazy. The scene where there's one toy left and the parents are clawing at each other for it is a prime example. The message is clear (to me, anyway) that this is what Christmas should NOT be about. Arnold's character realizes that too, when he breaks into his neighbor's house to steal the toy, and then says (in essence), "What am I DOING?? This is totally wrong!" And at the end it's not about his kid getting a toy, it's about his kid getting a father who has realized he needs to be more involved in his life. In fact, his son gave his Turbo Man doll away at the end.
The movie is hilarious in its mocking of our toy-focused Christmases. This has been my favorite Christmas movie for years (along with It's a Wonderful Life), and I fully plan to let my daughter watch it this year; I think she will find it funny too.