Budget is more important than number of gifts IMO.
My mom made a fuss about the sort of thing in past years because I'd have some expensive gift (Tablet, PSP, etc.), and my sister wouldn't have an equivalent. Sister would be getting 5-8 presents for my 3-5. 
Oddly enough this year my sister was the one with the big super expensive gift. Granted that does affect my amount of stuff from my parents, but usually I'm the one with something big. Granted I had a DS Lite on my list (and I did see it in the closet lol), but it's not really as big compared to my sister's expensive camera she wants.
But my list was also pretty small.
Split that between my parents and grandpa (Dad's side, who's limit is whoa-my-gawd huge), and I'm getting everything on my list... >_>; It's only 7 things though.
Oddly enough this year my sister was the one with the big super expensive gift. Granted that does affect my amount of stuff from my parents, but usually I'm the one with something big. Granted I had a DS Lite on my list (and I did see it in the closet lol), but it's not really as big compared to my sister's expensive camera she wants.
But my list was also pretty small.