My belief is that the more someone (who isn't a millionaire or a movie star) spends on their wedding, the more likely they are to get divorced - because they are focusing on all the wrong aspects of marriage.
We did a lot of the traditional things but in a much lower key way than most of our peers. James bought my ring when he was in grad school and it was very pretty and not very traditional but I loved it. Many years later he bought me a big, blingy ring (that I hadn't asked for), and although it's pretty, I only wear it on special occasions. Mostly I wear a plain gold band.
If I had to do it all over again, I'd do a ceremony that was a lot more like the one you described.