i think a lot of it depends on HOW you go about it - DH and i moved in together before we married - both of us had houses full of furniture and needed for nothing, so we set up a wishing well idea. we didn't ask for cash though - we asked for bunnings vouchers towards fencing materials and painting out our house. the painting was completely paid for, and over half the fence. so we see what people helped us with every day.

we did get some gifts, none of which we've used yet (though it's more that they have been packed safely away while we paint!) and some cash - the cash went towards paying for our digital camera.

the year before we married, we went to a wedding that asked for cash towards a new fence. they ended up using that money to pay her son's bills cos he was short of money. they've now been married 4 almost 5 years - and the fence has only been started in the last few months.... i don't necessarily agree with cash (i gave a gift that i knew they needed - was one of the bridesmaids and knew what they had) - because it can be used on anything - but vouchers towards a specfic target are ok....

i won't put towards a honeymoon though - it's a holiday and, while they will have the memories, like mentioned, it can be blown on crap for other people...