OP I'm with you. I just happened to see the Disney Honeymoon Registry info today and got really exicited (gf and I are thinking about a wedding in the next few years). I have a large extended family and there are a lot of weddings. I've never seen one in the last decade at least that didn't include a registry of some kind, and I just can't see what the difference is between asking for ridiculously expensive wine glasses and asking for a special addition to one's honeymoon. (I am also working on the understanding that the Disney registry wouldn't necessarily just be putting cash on a gift card, but could be paying for a certain activity or spa day, etc. Maybe that's wrong though

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I think the normal registries are often just exercises in overprivileged greediness; a friend of mine just went to a wedding for a cousin and the cheapest thing on the regsitry was an $80 set of knife/fork/spoon. Apparently in her circle people don't give cash at weddings, so she had to buy the $80 object. Since she was getting that one, her parents had to splurge for the next cheapest--something in the $120 range. Of course, many people are more reasonable with their registries; luckily everyone in my family has stuck to places like Bed, Bath, and Beyond and Target; but still, I can't help but feel they encourage people to ask for things they don't need. (And if one is going to ask for something one doesn't need, I personally would rather it be an extravagant vacation experience than china.) GF and I are living together and before that I was living in an apartment with a roommate for 2 years; my immediate family donated a ton of their old household items to us and now we're actually overly stocked with mugs and dishes and glasses. Since registries seem to be expected in my family I'm not sure what gf and I will do. I mean, clearly we could have a good time filling it with kitchen gadgets like cappucino makers and kitchen aid products and all that, but we don't need those things; I would have thought a honeymoon registry would have been a good alternative.** Perhaps we will just not do any registry and just use the cash for the honeymoon or a house payment or whatever.
Also, although I realize there are always issues of etiquette and all that which go along with gift giving and receiving, let's not kid ourselves. Generally speaking people give gifts at weddings because that's what one does. One might enjoy giving it or one might feel forced to give it or it might be a little of both. But in most cases, one isn't feeling some overwhelming desire to do something touching for that 3rd cousin once removed who one hasn't seen in 4 years. At least, that's how it is in my family. Each year my mom makes a count of all of the numerous great-great-neices and 3rd cousins who will be getting married, or getting first communion, or graduating, or whatever and figures out how much the gifts are going to cost. If it's costing a lot she then complains about how it's going to be a bad year. The last family wedding was in Sept--a great-niece of my mothers who she's probably said 5 words to in the last 5 years. My entire immediate family spent the day before the wedding checking with one another how much money they have to give so as not to look cheap. Eventually my mom settled on $50 because that seemed to be the best balance of not looking like a totally cheap but not completely busting the budget. My grandmother went back through her records and saw that she had given the bride's older sister over $100 so she had to give this bride the same amount to be fair. My aunt, on the other hand, asked her own children how much the bride's parents had given them at their weddings and then she matched that amount. While I'm sure everyone was happy to give the gifts in one sense, in another sense it was clearly simply a matter of fulfilling their social duty and not looking bad.
Oh well, mine will be a gay wedding so I think a honeymoon registry would be the least of the controversy.
** Actually, despite all of the opinions on this thread, I still think a honeymoon registry could be a good idea for just those who are close to the couple--especially friends. In my friend circle, at least, almost everyone is a graduate student and pretty darn strapped when it comes to money compared to a lot of people of their age. Any gift they gave would be a small one, but they might feel a little weird about giving cash if the amount would be so small. I would think that a honeymoon registry would be a perfect thing for them.