We also did the cheapo shindig for super close friends and family, and it was fantastic. Spent about $2K on the reception facility and food. My dress was $400 off the rack. We spent a little extra money on professional flowers and cake. Everything else I did myself.
It was still serious business though, because I did so much myself to save money, and I researched the most affordable and highest quality of pretty much everything. Everyone was blown away by the food (steak and italian food anyone?) and the atmosphere. Most weddings around my hometown are pretty cookie-cutter - lower middle class area with limited wedding-related resources. Unless you're a crafty bitch like myself.
Plus, it was the least girly wedding ever (surprise). Basically, every time someone suggested something feminine and girly and froufrou, I mentally made a note to do the complete opposite. It was still beautiful for the womenfolk, but that was balanced with good food and fun and debauchery for the men and myself.
We're still married and not in debt from it, so there's that.