Michael's again came to my rescue. They had small ball ornaments as well as sticky backed 3/4-inch magnets. They also had really small metallic bows as well as some Santa/presents/candy canes that I thought would be fun. THEN, while I was at Target, I came across sets of 8 mini ornaments that were both Mickey Mouse and Toy Story themed. PERFECT! His favorite characters! I attached magnets to everything.
The only down-side is that the sticky magnets didn't want to stick to the small christmas ball ornaments very well. I tried hot gluing them on, but that didn't work great either. Thankfully, they seemed to stick to everything else. (I feel like I need to add the disclaimer: Of course, children need to be supervised around magnets. Just for the naysayers who may come across this post.) ;-)
I drew a Christmas tree shape on the magnetic board and showed my son how to decorate the tree. He enjoyed this activity a bit. But he didn't stick with it for long. I think he'll like it a bit more next holiday season. I saved the little magnets and I'll bring them out again. He will be more into sorting and counting next year and I think we'll be able to make more use of them. You could do all kinds of things. Math based activities, patterning. The ideas are endless!