The world needs more Christmas magic, not less. Santa should not be about who gets the most loot, but he does represent the spirit of giving during the holidays. He's a wonderful, gentle soul and he is never portrayed with any vices, there is not one other character you will ever see in any kid's program or anywhere in the media that is so pure.
I never felt my parents lied to me, as we got older and started to become aware that he may not be "real", they just called him the spirit of christmas. If that is too close to a religious term for you, you can say he represents Christmas magic.
Whatever you choose to do, your Christmas traditions will be remembered fondly when your kids are grown up because the holidays are about family time, and developing traditions, and celebrating, no matter how you choose to do so. It's your traditions and your family that will make it special.
Being a Santa fan, I will ask you this, does the emotional kid buried deep inside the realist-mom remember any years where you were sad or jealous that Santa came to your friends houses but not to yours? Were you a kid who was "superior" in your knowledge that the other kids thought Santa was real and you knew he wasn't? I didn't know any kids that didn't believe in Santa when I was little, there were no Jewish, Muslim, or any other non-Christian-religion families in my gradeschool until well after I knew Santa was a myth, and as far as I know all my friends believed in Santa, regardless of how devoutly religious their families were. If you do choose to forego the Santa myth, you will have an easier time of it than your parents did raising you. Now, there is far more awareness of multiple-religious beliefs; the Christmas specials seem to be on later, so the only movies my daughter (6yo) has seen are ones that we have on video; and there will be kids in their schools that don't believe either because they are Jewish or have other devout-Christian parents; but you will never escape it altogether. As for me, I'm a believer!!! I do think Santa helps bring joy, magic and wonder to the season and make it special. I would look into the historical Santa-myths and find the one that you feel most comfortable incorporating alongside your religious beliefs, then create your own traditions.