When I taught Creative Composition, I usually had a letter-writing part of the class. My wife, who liked to use my lesson ideas, did not have time to add letters into her Advanced Comp class, so she made this hybrid assignment, combining the creative holiday letter with the analysis element she was teaching.
It's a one-page, simple assignment that you could come up with yourself, but it also includes a link to one of my own well-received holiday letters. In fact, the way it's laid out online might even give you an idea about integrating photos/video into this assignment.
I used a similar assignment with my Basic 12th grade class, so you can use it at any writing level. Besides, don't you wish more people took the time to write a decent Christmas letter? Or sent more than an e-card? Do your part to help save America.
If you have a staff inservice around the holidays (and the staff is fairly content), this would make a nice activity, as well. It would have saved me a Sunday afternoon in December.
Homeschool parents can get a chance to see what their kids believe is important enough to mention to friends and family as a yearly recap. In fact, it's a great assignment for any parent to ask of a kid.