My school is also transitioning to no-frills. As of now, they are only allowing beverages to be served during pref night. They're also telling people to cut back on decorations. No more balloon ceilings.
On one hand, I find the whole eating thing while trying to talk to people awkward.
On the other hand, I love decorations. But maybe people will get some sleep when they don't have to spend all night hanging and painting stuff.