DD is 3.5, and I have thought of exchanging her candy for a toy, money, or even healthier candy. But I know what will happen. She'll take the replacement and then start crying because she doesn't have her candy anymore.
She has a lot of it this year because we went with a neighbor and walked for some time. She had a blast! It was so much fun for her.
I let her have a few things while we were out (much more than she would usually have in an entire week). She was pretty wired for the evening, but did finally agree to have a turkey sandwich before bed. She inhaled it, and agreed with me that this was "Good for your body food."
After she was asleep, I went through her candy and took out the ones that had a bunch of dye in them (M&Ms, red licorice, Mike & Ikes), and a couple that I really like
, and have left the rest for her. I will allow her a piece or two after lunch for the next week or so, and will probably make most of it disappear.
The nice thing, is that she is still really into sharing with me, so I can probably make the pile dwindle by "helping" her heroically eat her candy!