I wanted to make as much of the bits and pieces for the wedding as possible myself, and as we had a loose Italian theme for the day, I thought it would be nice to make homemade limoncello as the favours. It cost very little to do (I think I used three or four big bottles of vodka, about 15 lemons and some sugar) and the main difficulty was trying to find 50ml bottles at a sensible price. I eventually got 65 from ebay for just over £30.
Etsy came through again for the little tags - I had 65 custom made by this seller in Canada for $28 plus postage, then I just bought two big reams of ribbon in black and emerald, our wedding colours (for about £2 each) and tied miniature bows around the bottle necks. Slightly labour intensive, but I think they look really cute and they got a good reception.
May I recommend not decanting the limoncello liquid into 65 miniature bottles on a hangover day.