I have been to several weddings where they do open bar during the first hour or two, then got to just wine, beer, and/or champagne. I think this is what we will be doing at our wedding. Both of our families and all of our friends like to drink A LOT so having a full out open bar would leave us broke.

I also like the idea about having a selection of drinks that only use a limited number of liquors. I would also look into where you are having your reception. A lot of places that already have a bar there will only allow you to order your alcohol through them, and usually it is A LOT more expensive that it would be if you went to a liquor store. Just keep that in mind too when you are looking into reception halls, ask what their policy is on alcohol. A friend of my mom's is paying for a wedding for her son and they are spending over $200 a half-barrel for beer! Because they have to order through the venue.