We never have toddler proofed anything lol. Even the year where she was almost 1 the worst she did was tug some ribbon from the bottom branch.
I'm getting one and putting Evey proof decorations at the bottom and my "nicer" ones at the top.. my really nice ones are staying wrapped up and will not be out till she's at least 18 years old!
I'm guessing she'll be fascinated by it at first and will touch it, but then it will become boring (I hope). But how to stop her opening presents that get put underneath it is another matter!