... I'm thinking a couple day trips would be nice too- Toledo, mom wants to go to Sevilla for a day (think we could swing it on the Ave?)...
It's possible. I have done it: departing Madrid on the 07:30 AVE (arr Sevilla 10:00) and returning from Sevilla on the 20:00 AVE (arr Madrid 22:30). It's tight! Unless you know exactly where you are going, it can be a very expensive folly (AVE isn't cheap even with the same-day return discount).
Segovia's a nice day-trip, especially if you can handle roast suckling pig or lamb at one of its excellent restaurants. El Escorial is another (for the San Lorenzo monastery), and Avila isn't too far away. I like Alcala de Henares, Miguel de Cervantes' birthplace, which you can reach by public transportation
Although I've heard unfavorable reports, I always make it a point to stop at Madrid's Parque del buen Retiro (Retiro park) after Mass on Sunday. There are mimes and street entertainers of many vatieties (and they're not agressive, like they are at Fishermen's Wharf in San Francisco).
BTW
I think the Reyes Magos come the night of January 5th (the parade, that is); and when you are visiting the Palacio Réal, take time to visit Plaza de Oriente (across the Avda.) and the statues of los Reyes 'Godos' (the Visigoth Kings). You can learn a lot of the history of Spain there.
[ 12-23-2001: Message edited by: Eddie ]