Yes we had a wishing well, we had been together for 10 years and living together for 7-8 or something like that, we had everything so it was an obvious and easy choice for us to have one. we had poem explaining it all, and we sent out envelopes with the invites they could remain anonymous. I think it not only saves people thinking of what to buy but it saves getting things you already have. Only one person brought us a gift and it was a complete dinner set, which looks good but is impractacle for us as it has gold on it and you cant put it into microwave.
I dont think its tacky and I have been to many weddings lately with wishing wells. Maybe the people who think its tacky are having $30,000 weddings, we paid for our wedding ourselves and the wishing well certainly took the sting out of the end total and our wedding cost no where near the $30,000 mark.