Destination Weddings

So today my fiancé and I have finally sat down to really figure out what we're going to do four our wedding. Anyway...we're Irish and Italian Catholics, which means that if we don't invite EVERYONE in the family, including our dead great-grandparents' siblings, etc. then we'll be voted off the family island. Our family also happens to live in a part of the country where wedding venues aren't at all moderately priced for amount of people we would need.

The short of the story is I don't think we could do the wedding for under the cost of the cost of my graduate eduction. So we're seriously thinking about a destination wedding either in Italy or in the islands to keep the wedding personal and economical.

So my question...
1. Have any of you guys done a destination wedding?
2. Where did you do it?
3. Do you regret not having a big family party?
4. For those of you who have shelled out your future inheritance and your downpayment on a house...was your wedding worth it?

Thanks for your help everyone!