Yeah, it won't be easy. Though at 5 and 2, there aren't that many "toys they'll never forgive me for" at least. We know that they don't play with a lot of them, so many should go.
It just seems that these days, with birthday parties, etc., they get too much. I try and tone down what we get them, but my wife has some odd sense that they'll actually remember what we get them. Sure, I don't want to be cheap, but still, I'd rather put the money into their college accounts at this age and let the grandparents get them toys.