There has been a lot of namby pamby stuff down through the millenia about the meaning of Christmas. "World peace," "a time for reflection," "a season of renewal"--number those wishy-washies among the slogans of many a starry-eyed December liberal.

The honest folk at Southland Corporation, though, have done their best to keep some measure of realism in Christmas 1981. Ronald Reagan, John Paul II, Anwar Sadat all were felled by gunmen this year; what, then, could be more topical, more true to life, than a board game called "Assassin"?

Priced at $16, and, what's more, "as advertised on TV!" Assassin is described by its clever creators as "deadly fun." Players sell "illegally obtained commodities" in an attempt to raise enough cash to hire "as many of the game's 30 assassins as it takes to eliminate the opposing players." Though a blurb on the cover describes the game as "non-political," it adds that perhaps it is not "suitable for children under 12." It is, Jordan Marsh personnel insist, among the season's hottest sellers.

Realism first entered the world of dolls when spitting up and wetting became optional features. One toymaker has carried it a bit farther this year, though, with a doll (ostensibly designed for children) that "talks" when you toss it around.

Actually, when you throw it against a wall or very high in the air, it begins to moan; after about 15 seconds, it manages a husky "I love you." The doll's name? "Dumpelina." Swear to God.

In the next bin over at Woolworth's, boasting enough mark-down tags to make it clear this is not the next Rubik's Cube, are a pile of half-sized plastic swivel chairs. On each there's a label, like the ones men wear at conventions that say "Hi! I'm Bob, General Consolidated (ret.)" Only these say "Hi! I'm a swivel chair." Truth in advertising and all that.

If only the makers of the "Dolls of All Nations" series had such high standards, Now when someone says "Dolls of All Nations," it would be fair to insist that they provide dolls of all nations. There are 190 some countries, and there probably isn't much of a domestic market for Upper Volta or Andorra dolls.

On the other hand, almost the only dolls included in this collection come from Europe and North America. Everyone in the Common Market, everyone in Scandinavia, almost the entire Eastern bloc--but not a single nation in Africa, or the Far East, or Latin or South America. There is a doll garbed in traditional Mexican costume--her skin is just as fair and her cheeks just as rosy as the Norwegian doll next to her on the shelf.

More ethnically diverse, Malibu Barbie comes with "moveable hips" and Oriental Barbie invites youngsters to visit the "exotic" (what else?) East with her. They seem a small sideline of the Barbie empire, though; it is still the Barbie expressing good old American values that take up more display space than any other single toy.

Kissing Barbie, Golden Dream Barbie (sporting her golden bodysuit) and dozens more. And then there is Ken.

"Sport and Shave Ken" is new this year; his package invites girls to "Shave him. He's athletic. He's all man." Shaving is accomplished by drawing on Ken's face with the "beard marker" and then removing the whiskers with water and a (safe for all ages) razor.

In case the little shavers lack imagination, Ken's makers have provided an approved scenario on the back of the box: "Ken has been playing tennis all day. He won every game. He can't wait to tell Barbie (registered trademark) on their date tonight. Oh-oh! Ken looks at his watch (included)...he's only got 15 minutes to get ready..." Not only can you shave him, you can brush his teeth and blow dry his hair.

Hand-held electronic toys--the darling of the industry for two straight Christmases--seem to be in decline this season. The batteries were gone on all the display models at Jordan Marsh, but most of the children wandering around didn't seem to mind.

After all, there was Lego's "Fabuland" to play with. The company that once brought children a challenging construction toy now markets sets "with special large components for fast and easy construction." And most of the pieces are too big to put in your mouth.

Less safe but more fun, the ever-popular Rapid Fire Saucer Launcher this year sports a new label--"When in use do not direct towards user's face or any other person's face."