One of the cutest things I have seen with 7 and 8 year olds is "The Elf on the Shelf: A Christmas Tradition". In Georgia, while seeing the Christmas play at the Fox Theater in Atlanta children are introduced to this new Christmas tradition. I am sure it will be in theaters in all major cities. Parents were given the opportunity to purchase "the elf" who is supposedly watching the child's behavior. The child is not allowed to play with the stuffed toy elf at this time. She just appears (perhaps on the chandilier on day and on another high object the next day, etc.) to keep watch until Christmas.
From personal experience, I would rate it 5 stars. Almost all of the ratings on the Internet were 5 stars.
Only one or two rated it low - perhaps they bought the elf without seeing the play, or perhaps the parents didn't ham it up enough to set the stage for the charming tradition that I saw.