I didn't grow up with Santa simply because my parents didn't have a lot of money and didn't want us wondering why Santa got so many more things for other kids that he did for us. As a result of not having grown up with Santa, I really don't like the idea of it or the values it teaches, so we won't be doing Santa. I never felt left out and my mom talked to my sisters and me about respecting the way other people did things ( ie, don't tell them he isn't real). I remember pretending to believe in Santa on multiple occasions for the sake of other kids.
That is my one problem with the Santa thing.
I will be doing the Santa thing while my lo is little, but I think by the time she is old enough to see that some children get more than others, that will be the end of it for us. Either that or we will tell her that some parents with more money give more gifts in addition to those from Santa.
At her age, she doesn't know the value of things, so we could just get her a 1$ present from Santa and she'd be happy.
I think we did Santa when I was young, but I don't remember really believing in it. By the time I was 5-6, it was already just a fun story for me.