We do stockings in our house for all of us. I do DH's and May's, he does mine.
It is hit or miss what DH and I get for each other (some years we do great, some not), but for his I usually do undies, scratch offs, and a Hershey's Cookies n Cream bar. Maybe something else - this year I got him a couple of CDs. I don't think he's gotten me anything for my stocking as this blizzard has really kept him occupied the last few days.
For May we did a pair of PJs, socks, coloring book, some other little stuff.
We will do them Christmas morning before presents. In the future, it will be open grab for whoever gets downstairs first.
We do stockings on DH's side, too. It is awesome. There is like $100 worth of goodies in there - gift cards, little gadgets, etc. I'm a huge fan of those stockings. Most of the time it's the only surprise gift I get. The kids (us) all go together to fill his parents' stockings.