Alternate ending= Happy, Theatrical ending= Purgatory
Anyone seen the alternate ending? It's pretty much the same as the original except only Max and Omi remember what happened and the film cuts off right after it zooms out the window...I took that as the happier ending.
In the original/theatrical ending, everyone remembers, the record player starts playing by itself, then the fire in the fireplace grows higher, Omi's expression during her voicever (Not to give, but to take) and the look Max has on his face right before it zooms out was very reminisce of a Twilight Zone episode Nice Place to Visit where a supposed bank robber dies and thinks he made it to Heaven (has all the money, girls, and attention he could ever want) but he soon grows bored of it and asks his "guardian angel" for something more challenging and see the Other Place..only for his guardian to tell him "What exactly made you think you were in Heaven?" before laughing demonicly.
That could imply while Christmas went back to the way it used to be...doesn't mean it's a happy ending. Yes, Max and his family are happily reunited and having Christmas together like old times, but they could still be in Hell/Purgatory or trapped within the snowglobe/dimension (the twist).
Just my opinion.