There are several ways to deal with people so they don't feel that they are being asked not to love you when you ask to avoid "more stuff." My daughter's best friend had a birthday party where all the presents went to the local Children's Medical Clinic. Everyone was good with that, the parents loved it, the kids were happy to go roller skating and they got to give presents.
For me, I've a paralegal and a secretary, etc., at work, and they understood that it would make me happy, so they were good with it (I gave them amber earrings for Christmas -- my wife's idea -- staff that result in my being happier end up with jewelry as she notices the difference in how I'm doing). My eight year old, I let her wrap up some things for me that I already had (because I've shrunk so, I'm replacing some of my work shirts -- from 17.5" to 16" trim cut -- a big difference).
For other family members, I've told them that as tough as things are this year, instead of spending money on me, they should spend more money on their own families. That works out.
So far it is going well. Yes, I have a lot of dress shirts wrapped up under the tree that I'm not going to get to wear until after Christmas (unfortunately, Lands End is really pulling back on its trim cut/etc. [they keep changing the name of it] shirts, but that means that they've been dumping them through the discounted overstocks section -- I got a lot of shirts for under a hundred dollars). But it works.
I'm also getting some gifts, a new frying pan from my wife, computer gear, etc. I'm giving some jewelry, people rarely think they have enough (matching earrings is what Rachel gave her mother and older sister, and she is getting a pair as a gift to her from the cat). But I also gave the local library several large loads of books. I went through and got rid of a lot more. I've realized that a lot of things that I was holding on to, if I really, really find myself needing them, there is always the used book section of Amazon.com.
It has taken several waves, but I'm now probably more than a thousand or two books lighter, about five bookshelves worth. I still need to finish up reorganizing things, but it is a real improvement.
Anyway, hope that answers how I'm implementing the concept and how it is being received. So far, so good.