needto, do you already have enough saved up and locked away for every single one of your kids to go to the most expensive school in the country for four years each while living on campus all four years, buying all books new, etc? If not, why are you wasting your money on trifles like iPads and Nintendos--you're doing them a diservice.
My mom scrimped and saved. Her idea was that by the time I was 18, I should be able to shoot for the stars as far as what colleges I could apply to so that the financial side would not be an issue at all. She succeeded. Once I got in to the school of my choice and I had a full scholarship, she took $10k of the money she had saved up and bought be a car.
I screwed up and dropped out after that but she still kept the money aside and had enough for me to go back and finish at another, way more expensive school and she even had enough to pay for part of my grad school. Luckily I became a TA after my first semester and she only had to pay for the first semester.
I honestly don't know your finances needto so I'm not criticizing, but I think you should make sure to prioritize the investment in your kids and ensuring that they have all the resources to pursue college and perhaps a Master's degree without financial hardship should be #1.
This goes along with what someone else said about learning to delay gratification.
Honestly, even if you do have all that stuff saved up and they are set until they are 22 or 25, I see the value of regaling them with electronics and baubles as being dubious at best.
Just my opinion and I obviously don't know what it's like to have that kind of money in that kind of situation so I can't say what I'd do in your position.