I've always heard the Epiphany referred to as *Little* Christmas, not "Old" Christmas.

One of my former employers used to brag about how his wonderful "old" family (descended from the earliest French settlers of New Orleans) always kept Christmas as a purely religious holy day, and waited until Twelfth Night (Li'l Christmas) to exchange gifts. You could always count on one of the long-term employees to mutter that the cheap bastard was just making sure he bought his kids their presents on sale, avoiding the crowds and the hassle of shopping in December.

One aspect of Little Christmas that our family almost always observes -- it's the day to "strike the set," taking down the tree and lights and other seasonal decorations. Here in New Orleans (and, presumably, in Venice and Rio and wherever Carnival is observed), Twelfth Night marks not only the end of Christmastide but also the beginning of the Carnival season that culminates on Mardi Gras Day. So, out with the red and green decor and in with the purple, green and gold!