Weddings are just not as important as they used to be. Given that we are in a recession and that the divorce rate is so high, it makes more sense for a small-scale celebration... at least one that doesn't go into the thousands of dollars into the cake alone.
My own sister is engaged, but there is not likely going to be much of an event other than maybe a party with direct families.
My answer is that marriage is definitely worthwhile so long as the events and financial obligations are not made in excess. The gains and the recognition of being married to another are worth whatever else comes with it.