I remember this being hugely controversial when it was released in 1984; the PTA tried to have it removed from theaters due to it's depiction of Santa Claus killing people. Oh, the poor kids! Crowds picketed theaters, critics ripped it to shreds, kids pissed their pants... and the best part of the whole thing was, the movie was pretty crappy to begin with. Now, it's a cult classic.
I say that this should be watched every holiday season. It is pretty crappy though. But fun.