Asalamulaikum,
I have read in a islamic book in which a scholar gave a statement to this topic and i wanted to discuss it here as it is very common in our asian/pakistani society to celebrate weddings very big.
So the statement was:
Its mostly about ones pocket and the mixture of men and women can be avoided easily as they can sit and eat in different sections.
Only after the food, during the photo session with bride groom, the mixing can happen but those who dont want it can be avioded.
^ That.
If you can afford it without getting into trouble, it's perfectly fine. On the other hand there is no need for israaf.
A little while ago I was discussing this with a friend and she was saying that these days it seems Christians are in fact more religious when it comes to weddings. Atleast they go back to he place they worship God to tie the knot, where as we are always looking for the biggest and best 'shaadi hall' available.