Would this be a good gift?

After going to a bajillion seven weddings this year, I've begun to think about creative gifts to give that aren't just cash or a gift from Crate and Barrel.  I have some good ideas for the weddings of 2012, but I saw this cool pattern on the Purl website for something called the Eleventh Hour Blanket.  It's inspired by their pattern for a scarf that takes less than a day to finish up.

It looks so cozy and wonderful!  What a great throw this would be for a bedroom or living room.  And I think it'd be cute to do it in something that refers to their wedding colors.  It calls for big needles and knitting double, so it'd be a quick knit.

The yarn it calls for is wonderful (Cascade Magnum) and all the supplies total of about $160-180.  So it's a pricey blanket, but I feel like something homemade could be more meaningful than a check.  And... I can knit, so I sometimes feel like for all these events it'd be great if I could my powers for good.  And I know from experience that when I made my friend Jaime a baby blanket for her baby shower, she really appreciated it and it gets a lot of good use. 

But is it cheesy to make a blanket for someone?  Do people getting married just want money or something more practical like wine glasses?