I don't even remember when I realized that Santa wasn't real, but I know that I never really gave a damn as long as the presents kept appearing under the tree each X-Mas.
Of course, Santa isn't real. Now the Easter Bunny and the Tooth Fairy, well that is a different story.... I will probably never have kids, but if I do, I will have to seriously think about talking with my wife about this topic. I would be more inclined to not even mention Santa and just tell them that the extra presents are from mommy and daddy. If they say "well, Santa goes to all my friends' house." I'll say, "Well, daddy got into it the last time he saw Santa and as a result, Santa never wants anything to do with daddy again!"