the anticipation of the holiday or do you like the actual day itself.
For me, it is sort of a mix.
I love the lead up to it, so much so that we have dubbed it our own Christmastime - from Thanksgiving to New Year's - when we try and celebrate all the time, in different ways, so we enjoy it all. Waiting for just one day can be a let down, if you expect it to somehow last longer than any other day.
But it is also good to enjoy that day, to watch people be happy,
enjoying being together and the festivities.
So, that is my answer, if it is one. :)