We have spent 2 Christmas' in TB. It is low key and that's what makes it wonderful. There is no commercialism and buying tons of gifts for everyone you know.
It is more about spending time with family and people getting together and having meals (from my experience) potluck. I found it to be a nice reprise from the Christmas that we know. Everyone is dressed in their best, usually bought or given new, just for Christmas/Holidays.

Boxing Day is a party day. Lots of drinking, celebrating, eating, drinking, celebrating....you get the idea. New Years is about the same but tamed down a tad after a week of partying.