We had this same dilemma. Originally we were going to have the bigger, more "traditional" wedding, but after thinking about it more we decided that it just wasn't us. Neither of us like huge parties, so why were we going to have one? With around
a 10k price tag, it was getting ridiculous.
We decided on a small wedding on the coast here in Oregon, but it's being considered a destination wedding because it's 3 hours from us. It's a pretty central location (3 hours for us and everyone in the Portland area and 2 hours for FI's mom's
side from Roseburg) and it's absolutely beautiful. PLUS, we get to make it our honeymoon without having to go more than 20 miles!
The biggest pro that I have found is the financial aspect. We are getting pretty lucky with a few "friendors" (friends who are vendors), namely photography, but after all is said and done, the whole wedding is going to cost us around $500. Our
ceremony/reception site is also free. I know this is nowhere near what MOST destination weddings cost, but generally speaking they are much cheaper.
Another reason that I love our destination wedding is that it's close family and friends. Now, I don't have any family, but I have 3 or 4 of my very close friends coming who are basically my family. I think in total we're going to have about
20-25 people. It's just so much more intimate and I'd rather share the day with a few close people we love as opposed to a bunch of people that we hardly know.
As for the bridal party, we're not having any bridesmaids or groomsmen. FI's young cousin is going to be flower girl, but that's it! It has made everything much easier, plus that makes it more intimate while we are at the altar together.