I do make a pretty big deal about my kids' birthdays on that day. We try to make the day feel really special.
I know people who don't make a big fuss on their kids' birthdays because they (as they've told me) feel like it can lead to a sense of entitlement. OK it was only one family but anyway it's one way to look at it. (I am concerned about entitlement, but I don't think big birthday celebrations cause that. I guess depending on how you do it, it could create a great deal of waste. I'd be more worried about that I think.)
I also know people who go way beyond what I do and do a whole big birthday week! I even know adults who do birthday weeks.
What do you do, and why?