Mine was huge! I was nine and Ramadan fell in the summer, so days are 14 hours long. It was a combo - roza khushai and Ameen. My mum made me a beautiful gharara which I wore with appropriate jewelry. Sab kai saamne, I read duas and ate khajoor and my first bite from this special meethi thaal she made out of rice and coconuts - the name of this dish escapes me right now.
And yes, I got lots of presents (there were 100+ guests including family).
As my mum says, is sai bachon ki hosla afzai hota hai. So it's a reward and acknowledgement of a child's "coming of age" and acceptance of his/her own religious obligations.
So, even if there's no big to do or party - the parents should take the opportunity to reward the child and express their pride in their child's acceptance of their religious obligations.