I was at a wedding last summer, where at the edge of the dance floor, was a basket of flip-flops in various sizes for people whos feet got sore in their high heeled shoes. We still use them around the house.
Man, this is what Oriental Trading is good for.
For one example; the link below is for personalized mint tins
We had a library themed wedding and our favors were bookmarks with our names and the wedding date on them in calligraphy. We also had a friend build us a book arch, which we stood under during the ceremony. It was 9.5 feet high by 5.5 feet wide. If somebody tells me how, I’ll post a picture for you.
The Chicago White Sox colors are black and white …
We always just leave the favors or throw them away. I’d just skip them.
How about some elegant black & white bookmarkers?
I like some of the ideas here, and have nothing more useful to add, but just one piece of advice if you do decide to give favours. Don’t give different things to men and women. At one wedding I attended, men got a miniature of Irish whiskey. Women got… a fan. The women generally were less than impressed, though of course no-one told the happy couple.
I went to a wedding that had Pez dispensers at every place setting. That was kind of cute.
We did glow-in-the-dark necklaces. Everyone had a blast with them during the dancing. I’d say “especially the kids,” but I think the adults had at least as much fun, maybe more. I think we spent maybe $0.50/each? Pretty darn cheap, anyway. We just gave them to a couple of friends to pass around to everyone. It was great fun to watch 
I’m with you on the “no keepsakes” idea, though, and on not wanting to spend a ton of money. I don’t think I still have any of the keepsake favors I’ve ever gotten at a wedding. Candy would be good, too, or pretty much anything edible, but don’t drive yourself crazy.
My brother gave the guys of the wedding party pocket watches; his bride gave the bridesmaids gold brooches I think. I still have that watch & I would even if he wasn’t my brother. It was a cool watch & a great idea.
For the guests? Honestly, what can you give them? A bottle of wine & the hope that when they share it with someone that they’ll find love too?
Yeah, I got nothin…
My niece did that at hers. I’ve still got mine.
At my friend’s wedding, everyone was encouraged to take the champagne glasses home. They’re nice looking and it helps so you don’t have a bunch of stuff to clean up afterwards. We were also encouraged to fight for the table centerpiece
I like the local food stuff ideas. Everyone has the munchies after a wedding, all that dancing and drinking. Last wedding I went to was pretty fancy, ocean front venue at Caesars Palace…at the end of the night they had a table stacked with a variety of sub sandwiches from White House Subs. Take two or three they kept saying and we did too,yum!
I like Queen Tonya’s photograph idea, since everyone is dressed up. This also helps ensure you get pictures of everyone there.