We're not picture folks. I don't even have a picture of her, and her only picture of me is me when I was like...3.
This is okay, for you. But if you're planning on having kids someday, I can tell you from experience that having good photos in an album might eventually mean a lot to them. I would rather completely skip the flowers and the alcohol than skimp on photography, if it were my wedding.
How does everyone feel about foregoing alcohol completely? Would coffee, juice, bottled water, etc. be adequate? Is the alcohol needed to lube the conversations?
I know people who have had alcohol free receptions. It might be remarked upon, but if you go with the brunch suggestion, I don't think there would be too much grousing.
However, I would make an effort to serve something festive, such as a nice punch or selection of mocktails, and then to offer sparkling juice (taste test apple, pear, and grape) for the toasts, if you have any.
And one final suggestion:
You can make fairly inexpensive favors if you get some organza favor bags (you can find them in bulk on yonder Interweb). Throw a few wrapped candies of your choice inside (I like Baci). You have something your guests might actually use and you should be able to do each bag for under $1. If you and your guests aren't candy people, you could think of other things to put in the bags (hand-monogrammed tea lights?) that aren't expensive either.