I'm participating in my first FE for my upcoming cruise. I think it is what you make it.
It's supposed to be fun, not stressful. I had a lot of fun designing and making our family FE even though I am not crafty and can barely sew. For me it added to the excitement and anticipation of the cruise.
I enjoyed thinking of gifts to give and enjoy giving in general. I am not too worried about what we might get, have no expectations, and not concerned that I spent more time or more money than someone else. I spent the time and money that was appropriate for me and that I was comfortable with so it was not stressful or a financial strain. If you want to spend hours and weeks hand crafting items or spend a lot of money or fill a whole suitcase with gifts - do so because it is right for you, not because you feel it is expected or required.
The gifts need not be elaborate, large, or expensive and we will appreciate anything we receive - home made, store bought, printed at home or a bag of candy! (And for those that don't - so sorry for you.) Go with the flow, do what's right for you and have fun!!